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City Football Group acquires majority stake in ISL club Mumbai City FC

Nita Ambani and Ferran Soriano announced CFGs majority stake acquisition in Mumbai City FC. Credit: ISL Media

Mumbai, Nov. 28: 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 on Thursday (Nov. 28) 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 Cityzens Giving campaign, CFG has also supported community programmes spanning six continents, including Mumbai in its 2019 edition.

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 makes 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 Mumbarak 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.

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.

Source: ISL Media

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Story first published: Thursday, November 28, 2019, 17:11 [IST]
Other articles published on Nov 28, 2019
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