Manchester City owners to acquire Indian Super League team
Photo Credit: Reuters

City Football Group (CFG), the London-based holding company for several football clubs, has acquired a majority stake in Mumbai City FC (MCFC), which is part of the Indian Super League.

CFG said in a statement it will become a 65% stakeholder in MCFC, with existing shareholders – actor Ranbir Kapoor and chartered accountant Bimal Parekh – holding the remaining 35%. However, the two firms did not disclose the financial details of the transaction.

CFG said the acquisition will help MCFC benefit with commercial and football expertise, while at the same time providing the group with a new element to its global platform. As part of the deal, the group has appointed its senior vice-president of partnerships, Damian Willoughby, as the chief executive officer of City Football Group India.

Khaldoon Al Mumbarak, chairman at CGF, said the latest investment will deliver transformative benefits to Mumbai City FC, to City Football Group and to Indian Football as a whole.

The announcement of the transaction comes just a day after CFG agreed to sell a $500 million stake to the US-based private equity firm Silver Lake, valuing it at $4.8 billion.

CFG itself was established in 2013, and has total or partial ownership of at least seven football clubs, including the United Kingdom’s Manchester City, the US’ New York City FC, Australia’s Melbourne FC, and Japan’s Yokohama F Marinos, among others.

The group is controlled by Abu Dhabi United Group (ADUG), an investment vehicle that is owned by Sheikh Mansour bin Zayed Al Nahyan, an Emirati royal who is the deputy prime minister of the United Arab Emirates. While ADUG controls 77% of CFG, a consortium of Chinese institutional investors owns 12%, with another 10% now being owned by Silver Lake.

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