Guwahati: Mumbai, India and Manchester, England - City Football Group (CFG) has agreed to 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.
The 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, 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 plays its home games at the 8,000 capacity Mumbai Football Arena, which sits within the Andheri Sports Complex, a multi-purpose sports facility. The team is currently five games into the sixth ISL season CFG, the world’s leading private owner and operator of football clubs, which is best known for its ownership of English Premier League Champions, Manchester City FC, also comprises New York City in the US, Melbourne City FC in Australia, Yokohama F. Marinos in Japan, Club Atletico Torque in Uruguay, Girona FC in Spain and Sichuan Jiuniu FC in China.
CFG’s operations will now include 8 football clubs and football-related businesses in 13 offices around the world. The Group has expanded significantly since its inception in March 2013, and now employs more than 2,000 staff and has more than 1,500 footballers who play over 2,500 games every year.
Through its Citizens Giving campaign, CFG has also supported community programs spanning six continents, including Mumbai in its 2019 edition. The announcement comes in a busy period for CFG. Just prior to closing this deal to acquire Mumbai City FC, the Group confirmed a new equity investment from Silver Lake, a global leader in technology investing, valuing the Group at $4.8bn. Last week, also saw Manchester City FC release its annual report with record revenues and fifth continued year of profits, at the same time as representatives visited India as part of the Club’s trophy tour.
Welcoming the City Football Group to the Indian Super League and Indian Football, Nita Ambani said: “It’s a landmark occasion that celebrates the remarkable rise of Indian football and brings to life our vision for the beautiful game in India. “It is a great endorsement of the increasing appeal of Indian football and for all football fans in India, this is a moment to take pride in our football, our culture and the opportunity we present to the world in developing the sport." The power and potential of our youth make India the most exciting global opportunity in the world today, in every field, and especially in sport. “On behalf of all Indian football stakeholders, I welcome City Football Group and thank them for their interest and belief in Indian football. I am sure Mumbai City FC and Indian football will benefit greatly from this historic partnership. Commenting on the acquisition and the opportunities it brings to all parties, Chairman of City Football Group 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.”
As part of the announcement, CFG also appointed Senior Vice President of Partnerships, Damian Willoughby, as Chief Executive Officer of City Football Group India. Damian will be relocating from Singapore to Mumbai in the coming weeks. - Ends - About City Football Group Established in May 2013, City Football Group is the world’s leading private owner and operator of football clubs, with total or partial ownership of seven clubs in major cities across the world: Premier League Champions Manchester City in the UK, New York City FC in the US, Melbourne FC in Australia, Yokohama F. Marinos in Japan, Club Atletico Torque in Uruguay, Girona Futbol Club in Spain and Sichuan Jiuniu FC in China. With twelve offices around the world, CFA also invests in other football-related businesses and projects and serves as a global commerce platform for its partners, whilst fulfilling its vision of using football for social good on a local and global scale through its clubs’ charities, foundations and other CSR initiatives.
Abu Dhabi United Group, the investment vehicle owned by His Highness Sheikh Mansour bin Zayed Al Nahyan, is the majority CFG shareholder (c.77%). In addition, c.12% of CFG equity is held by a consortium of Chinese institutional investors led by China’s leading media and entertainment conglomerate CMC Inc. A further c.10% is owned by Silver Lake, a global leader in technology investing.