MUMBAI: It was in early May that SportzPower first broke the news that in-principal agreement on the quantum of stake that City Football Group (CFG), owners of Premier League giants Manchester City FC, will take in Indian Super League franchise Mumbai City FC had been reached. And all that remained was final agreement on the price CFG would pay for the said stake.
That matter has also been sorted with the valuation of Mumbai City FC reportedly agreed at Rs 2.5 billion, so now all that is awaited is the official announcement.
That official statement appears to be coming any time now with UK’s Daily Mail reporting that Manchester City’s owners have moved closer to adding an Indian team to their global stable of seven clubs proves true.
The City Football Group have been in talks with a number of Indian Super League teams for some time and negotiations are now at an advanced stage, according to the UK daily.
For the record, Manchester City is a wholly owned subsidiary of the City Football Group (CFG), a holding company that administers association football clubs under the ownership of Abu Dhabi United Group (ADUG). It is part-owned by Chinese firms China Media Capital and CITIC Capital.CFG also owns parts of clubs in the United States, Australia, Japan, Spain, and Uruguay. The company’s aim is to own a team on each continent, each with the identifier “City” in its name.Besides its 100% stake in Manchester City, CFG currently has stakeholding to varying degrees in five clubs – New York City (80%), Melbourne City (100%), Yokohama F Marinos – Japan (20%), Club Atletico Torque – Uruguay (100%) and Girona FC – Spain (44.3%).
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