City Football Group (CFG) has agreed a deal to acquire a majority stake in its eighth club, Mumbai City FC in the Indian Super League, marking a major move into Indian football.
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. Completion of the investment remains subject to the approval of certain football bodies.
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.
Manchester City chairman Khaldoon Al Mubarak said: “We believe that this investment will deliver transformative benefits to Mumbai City FC, to City Football Group and to Indian Football as a whole. City Football Group is committed to the future of football in India and to the potential for Mumbai City FC within that future."
He added: “We are very much looking forward to playing an active role in Mumbai City FC's fan and local communities, and working with our co-owners to further develop the Club as quickly as possible."