Skip to main content

CFG acquires majority stake in Indian Super League's Mumbai City FC

Mumbai City FC logo

Mumbai (Maharashtra) [India], Nov 28 (ANI): City Football Group (CFG) has agreed on a deal to acquire a majority stake in Mumbai City FC of the Indian Super League (ISL), marking a major move into Indian football on Thursday.
CFG will become the 65 per cent 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 per cent 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 has played five games in the ongoing sixth ISL season.
CFG 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 eight football clubs and football-related businesses in 13 offices around the world.
Through its Cityzens 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 USD 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.
Commenting on the acquisition and the opportunities it brings to all parties, Chairman of City Football Group Khaldoon Al Mubarak said in an official statement: "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," he added.
Welcoming the CFG to the ISL 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."
"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," she added.
As part of the announcement, CFG also appointed Senior Vice President of Partnerships, Damian Willoughby, as Chief Executive Officer of CFG India. Damian will be relocating from Singapore to Mumbai in the coming weeks. (ANI)



via Sify.com https://ift.tt/2OS88lD
Labels:

Comments

Post a Comment

Popular posts from this blog

India withdraw Smith protest as boards make peace in DRS row

India have withdrawn an official protest about the actions of Australia captain Steve Smith in the second test as the governing bodies of both countries moved to bring an end to the acrimony surrounding the ongoing four-match series. The Board of Control for Cricket in India (BCCI) had earlier registered a complaint to the International Cricket Council (ICC) over Smith looking to the dressing room for guidance on whether to review an lbw decision during the Bengaluru match. Despite the hosts winning the test to level the series at 1-1 on Tuesday, India skipper Virat Kohli alleged the tourists had indulged in the practice throughout the match, sparking a war of words in the media and a robust response from Australia. The boards released a joint statement on Friday saying the chief executives of both bodies had met in Mumbai on Thursday and agreed to try and bring the focus "back to the game" ahead of next week's third test in Ranchi. "India has always cherished a c...
Post a Comment
Read more

Pogba is one of best players when in form: Ole Gunnar Solskjaer

Leeds [UK], Dec 7 (ANI): Manchester United manager Ole Gunnar Solskjaer has praised midfielder Paul Pogba, saying that he is one of the best players in the world when he is in good touch. "Paul is going to play when he gets his fitness. He is one of the best players in the world when he's in form and we just need to give him time to be 100 per cent fit," Goal.com quoted Solskjaer as saying. Pogba has endured a frustrating 2019-20 campaign to date, having only managed five Premier League appearances in total due to a string of fitness issues. He is currently recovering from an ankle injury and last played for the club on September 30 against Arsenal. Solskjaer had said that the France international will be out of action till December. "It might be 45 minutes in the first game, it might be half an hour, it might be 90. It depends on what game he comes back in and I'm looking back to get Paul back to where I had him about a year ago," Solskjaer said. ...
Post a Comment
Read more

Virat Kohli and co. leave for West Indies

The Virat Kohli led Indian team left for the West Indies for the four-Test series starting July 21st. The team was accompanied by its newly appointed head coach Anil Kumble and other support staff. The 16-member squad will play a tour game against the West Indies Cricket Board President's XI at Warner Park in Basseterre, St Kitts on July 9 and 10. The journey begins. #TeamIndia leaves for the tour of West Indies. #WIvIND http://pic.twitter.com/ebK1jkoFiN -BCCI (@BCCI) July 5, 2016 That will be followed by a three-day warm-up fixture at the same venue from July 14 to 16. The first Test match will be held at the Vivian Richards Cricket Ground in Antigua from July 21 to 25. The other three Test matches will be held at Sabina Park in Kingston, Jamaica (Jul 30-Aug 3), Darren Sammy National Cricket Stadium in Gros Islet, St Lucia (Aug 9-13) and Queen's Park Oval, Port of Spain, Trinidad (Aug 18-22). When India last toured West Indies in 2011, the visitors won the series 1-0....
Post a Comment
Read more