City Football Group Acquires a Majority Stake in Mumbai City FC
The London-headquartered firm holding several football clubs, City Football Group (CFG) has lately acquired a major stake in a member company of Indian Super League, Mumbai City FC (MCFC).
It will become a 65 per cent stakeholder in MCFC, with existing shareholders actor Ranbir Kapoor and chartered accountant Bimal Parekh holding the remaining 35 per cent, VC Circle reported citing CFGs statement.
However, the details of the transaction have not been disclosed yet.
The acquisition will help MCFC benefit with commercial and football expertise, while at the same time providing the group with a new element to its global platform. As part of the deal, the group has appointed its senior vice-president of partnerships, Damian Willoughby, as the chief executive officer of City Football Group India, CFG said in the official statement.
The latest investment will deliver transformative benefits to Mumbai City FC, to City Football Group and Indian Football as a whole, Khaldoon Al Mumbarak, Chairman at CGF, said in an interview with VC Circle.
The transaction happens following CFGs decision to sell a $500 million stake to the US-headquartered PE firm, Silver Lake which is valued at $4.8 billion.
