Manchester City’s parent firm City Football Group (CFG) said it agreed a deal to acquire a majority stake in its eighth club — Mumbai City FC in the Indian Super League.
CFG will become the 65% majority shareholder of Mumbai City FC, alongside existing shareholders Ranbir Kapoor and Bimal Parekh who combined will hold the remaining 35% of shares.
CFG appointed its senior vice president of partnerships, Damian Willoughby, as CEO of City Football Group India.
Completion of the investment remains subject to approval from certain football bodies.
News of the acquisition was revealed by CFG CEO Ferran Soriano together with Chairperson, Football Sports Development Limited and Reliance Foundation, Nita Ambani.
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.
CFG’s operations will now include eight football clubs and football related businesses in 13 offices around the world.
The group now employs more than 2,000 staff and has more than 1,500 footballers.
The announcement comes in a busy period for CFG.
The group confirmed on Wednesday a new equity investment inti CFG from private equity firm Silver Lake, valuing CFG at $4.8 billion.
CFG chairman Khaldoon Al Mubarak 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.”
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.”