Premier League side Manchester City acquires a stake in the Indian Super League (ISL) team Mumbai City FC as they look to expand their business all around the globe.
It is Manchester City's eighth club that they have invested in. Earlier this week, their parent company City Football Group (CFG) invested almost 389 million pounds in US firm Silver Lake, making them the world's most valuable soccer group. They are roughly estimated to be valued at $4.8 billion currently. CFG will become the 65% majority shareholder of the Club, alongside existing shareholders, acclaimed actor and film producer, Ranbir Kapoor and Bimal Parekh who combined will hold the remaining 35% of shares.
CFG is owned by Sheikh Mansour bin Zayed Al Nahyan of Abu Dhabi. The group also has plans to invest in football teams in Mexico and Brazil in the near future.
News of the acquisition was revealed today in front of the Club’s fans by CFG Chief Executive Officer, Ferran Soriano together with Chairperson, Football Sports Development Limited and Reliance Foundation, Mrs Nita Ambani. The deal will see Mumbai City FC benefit from the Group’s commercial and football know-how, whilst at the same time delivering a new and exciting element to the CFG global commercial platform.
Mumbai City FC is co-owned by Bollywood actor Ranbir Kapoor. They have had players like Nicolas Anelka, Diego Forlan and Freddie Ljungberg as their marquee players in the previous seasons. This year, the side has been unable to get off to a great side and are currently ranked seventh in the 10-team league.
In the seven clubs that the CFG has a stake in, technological development towards the playing squad and the supporters has always been of primary importance. The sports business group director of the CFG had earlier said, "The acquisition of clubs, and that multi-club ownership structure, have become something we've seen an increasing interest in.