In a major development in Indian Super League, City Football Group (CFG) has agreed to take 65 per cent stake in the Mumbai City FC franchise. The owners of the English Premier League defending champions Manchester City, will be the majority stakeholder in the ISL side.
Mumbai City FC is now the eighth football club in the world and third in Asia to come under the aegis of the CFG. Apart from Manchester City, they own, in Asia, J-League team Yokohama F. Marinos and Chinese League Two outfit Sichuan Jiuniu FC, and New York City FC, Melbourne City FC, Club Atletico Torque in Uruguay and Girona FC in Spain.
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Welcoming the CFG to the ISL and Indian football, Nita Ambani, chairperson of Football Sports Development Ltd (FSDL), 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."
CFG chairman Khaldoon Al Mubarak said that the group is committed to the future of football in India. “We believe that this investment will deliver transformative benefits to Mumbai City FC, to City Football Group and to Indian Football as a whole,” he said. “City Football Group is committed to the future of football in India and to the potential for Mumbai City FC within that future.
He added: “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.”
As per the deal, Damian Willoughby has been appointed the chief executive officer of the City Football Group India.
CFG will become a majority shareholder in the Mumbai club, while existing shareholders Ranbir Kapoor and Bimal Parekh will together control the remaining 35 per cent stake.