City Football Group has acquired a majority stake in its eighth football club.
The group, which owns Manchester City, has agreed a deal to take a 65 per cent stake in Mumbai City FC in the Indian Super League.
CFG also has majority stakes in New York City in the United States, Melbourne City in Australia, Yokohama F Marinos in Japan, Club Atletico Torque in Uruguay, Girona in Spain and Sichuan Jiuniu in China.
City Football Group is delighted to welcome Mumbai City FC to its family of clubs.
— Manchester City (@ManCity) November 28, 2019
CFG chairman Khaldoon Al Mubarak said on cityfootballgroup.com: “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.
“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.”
On Wednesday CFG announced that American technology firm Silver Lake had acquired a 10 per cent stake in its business, taking its total value to £3.73billion.
That takes the CFG value above that of Real Madrid (£3.29bn), Barcelona (£3.1bn) and Manchester United (£2.95bn) in figures published by Forbes in May. Across all sports, only the Dallas Cowboys had a greater value at that point, of £3.88bn, with the New York Yankees worth £3.57bn.
The CFG value, however, represents the worth of all the group’s assets, rather than just City.