Friday 6 December 2019

Manchester City owners add Mumbai City to portfolio of clubs

City Football Group has acquired a majority stake in an eighth club.

City Football Group CEO Ferran Soriano, left, and chairman Khaldoon Al Mubarak, right, have acquired Mumbai City FC (Gareth Fuller/PA)
City Football Group CEO Ferran Soriano, left, and chairman Khaldoon Al Mubarak, right, have acquired Mumbai City FC (Gareth Fuller/PA)

By PA Sport Staff

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.

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.”

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Manchester City chairman Khaldoon Al Mubarak is expanding his portfolio (Martin Rickett/PA)

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.

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