MUMBAI: City Football Group, parent company of English Premier League champions Manchester City FC, Thursday confirmed the buyout of Indian Super League franchise Mumbai City FC.
The announcement, made in the presence of Mrs Nita Ambani, chairperson, Football Sports Development Ltd, comes within days of CFG concluding a $500 million equity divestment with tech investment giants Silver Lake, equivalent to just over 10% of the company’s post-investment value.
As SportzPower had emphasised when the divestment was made public, CFG’s statement that the proceeds from the investment will be used to fund international business growth opportunities was an indication that a buyout announcement was in the offing.
It bears noting that Mumbai City FC has been in extended talks with CFG for a stake sale for a while now with the club reportedly valued at Rs 2.5 billion.
CFG has shareholdings in seven clubs around the world including Japan’s Yokohama Marinos, Uruguay’s Club Atletico Torque, Spain’s Girona, New York City FC and Melbourne City Football Club, as well as owning the English side. Most recently, in February, the group bought into Sichuan Jiuniu FC, in China League Two.
For the record, Mumbai City FC is co-owned by noted chartered accountant Bimal Parekh and Hindi film star Ranbir Kapoor.
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