fbpx
Monday, January 25, 2021

Manchester City's parent company acquires majority stake in Mumbai City FC

Reading Time: 3 minutes
Mumbai City Football Club

City Football Group (CFG) on Thursday agreed on a deal to acquire a majority stake in its eighth club, Mumbai City FC in the Indian Super League (ISL), marking a major move into Indian football. CFG will become the 65 percent majority shareholder of the club, alongside existing shareholders, actor Ranbir Kapoor and film producer Bimal Parekh who combined will hold the remaining 35 percent of shares.

The completion of the investment remains subject to the approval of certain football bodies. News of the acquisition was revealed 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.

- Advertisement -

The CFG’s operations will now include eight football clubs and football related businesses in 13 offices around the world. The Group has expanded significantly since its inception in March 2013, and now employs more than 2,000 staff and has more than 1,500 footballers who play over 2,500 games every year. Through its Cityzens Giving campaign, CFG has also supported community programmes spanning six continents, including Mumbai in its 2019 edition.

Nita Ambani

Welcoming the City Football Group to the Indian Super League (ISL) Nita Ambani hoped to see the Indian football team play the World Cup in her lifetime, calling it a “dream”.

“I hope we can make it there one day. That’s our dream. Let’s hope Indian football can make it at the global stage, at the FIFA World Cup at least in my lifetime,” Ambani told reporters after the landmark announcement here.

“Our focus is going to be that all teams contribute to grassroots sport. We have so much talent like Sandesh Jhingan,” she said.

Echoing Ambani, CFG Chief Executive Officer Ferran Soriano said: “This is our priority number one. We want to get to kids early.”

“For the first time ever, a European club will be acquiring a majority stake in an Indian club. City Football Group is the owners of Manchester City FC, who are the champions of the Premier League. And they also own other leading clubs like New York City FC and Melbourne City FC. CGF along with all its club including Man City will now join hands with ISL’s very own Mumbai City FC. What a big day for Indian football,” added Ambani while announcing the development.

“I am sure Mumbai City FC and Indian Football will benefit from this historic partnership,” she 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 make India the most exciting global opportunity in the world today, in every field, and especially in sport,” she added.

Mumbai City FC co-owner and actor Ranbir Kapoor on Thursday expressed his delight saying the aim is to become the best outfit in Asia. “I am super-thrilled for this day. All of us at the Mumbai City FC, the ambition is to make it the best football club in Asia and today I am thrilled to announce City Football Group’s association with Mumbai City Football Club,” Ranbir said in a video message after the announcement was made at Famous Studios in the presence of Chairperson, Football Sports Development Limited and Reliance Foundation Nita Ambani.

The owners of Premier League champions Manchester City will have majority stake while Ranbir and film producer Bimal Parekh will hold the remaining 35 percent of shares.

“With this tie-up, we hope to replicate what Manchester City has done in English Premier League and that is to win everything in front of us. City Football Group’s interest in India shows the growth opportunities the country presents in football,” said Ranbir.

Commenting on the acquisition and the opportunities it brings to all parties, Chairman of City Football Group 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. 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.”

IANS

- Advertisement -

Related Articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Podcasts

Ep8: Indian links in Indigenous Australian poet Ali Cobby Eckermann’s life

0
To celebrate NAIDOC week 2020 (between 8-15 November) I spoke to Yakunytjatjara poet Ali Cobby Eckermann about her time in India where she taught...

Ep 7: In the case of Sushant Singh Rajput

0
  The torrid and high-octane Sushant Singh Rajput case has been fodder for Indian people and press for the last few months. The actor’s tragic...

Ep 6: The Indian LGBTQ+ community in 2020

0
  It’s been two years since the world’s largest democracy repealed the draconian Section 377 which used to allow discrimination against homosexual people. Only this...

Latest News

lilly singh

WATCH: Lilly Singh as Sima Taparia in “Indian Matchbreaking”

0
  Whether we liked it or not, most of us gave into the Sima Taparia craze during lockdown. Within days, we'd all binged on Netflix's...
karl rock

From New Zealand to New Delhi: Meet YouTube’s Karl Rock

0
  When Karl Rock picks up the phone (with a cheerful ‘Namaste!’ no less), his New Zealand accent is apparent. That is, until he bursts...
Buddhist Kung Fu nuns kicking hard at centuries-old taboos

India’s Buddhist Kung Fu nuns

0
  They are the Buddhist Kung Fu nuns of Drukpa lineage, known globally for trekking across the Himalayas to pick up trash, paddling through mountain...
jhansi strawberries

Strawberries to write a new chapter of development in Jhansi

0
  Jhansi which is well-known as the land of valour is all set to write a new chapter and strawberry cultivation would play a pivotal...

WATCH: Aussies try to guess Indian slang

0
  Many new migrants have had to quickly learn the local lingo upon arriving in Australia, picking up the ie's and the o's as part...