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ISL 2019-20 | City Football Group takeover majority stake in Mumbai City FC

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ISL

ISL 2019-20 | City Football Group takeover majority stake in Mumbai City FC

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SportsCafe Desk

11/28/2019

City Football Group, that owns English Premier League giants Manchester City, has bought a 65% stake in Ranbir Kapoor and Bimal Parekh co-owned ISL club Mumbai City FC on Thursday. They become City Football Groups' eighth football club and their third club in Asia with stakes in Japan and China.

In a historic moment for Indian football City Football Group (CFG) who own seven other football clubs including Premier League giants, Manchester City has bought buy stake in ISL side Mumbai City FC. The talks of a takeover had been ongoing for some time and the takeover is now fully completed with the group buying a 65% majority stake in the ISL side. Mumbai City co-owners Ranbir Kapoor and Bimal Parekh will continue their association with the club with a 35% stake.

Mumbai City was a founding team in the ISL from 2014 and has played the playoffs in 2016 and 2018. It becomes the City Football Group’s eighth club and the third one in Asia after Yokohoma F Marinos from Japan and Sichuan Jiuniu from China. They also own shares or have partial ownership in New York City from the USA, Club Atlético Torque in Uruguay, Melbourne City from Australia and Girona from Spain.

The Middle East-based City Football Group Chairman Khaldoon Al Mubarak expressed his excitement in developing 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. City Football Group is committed to the future of football in India and to the potential for Mumbai City FC within that future," said Chairman of City Football Group Khaldoon Al Mubarak, Goal Reported.

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.”

Welcoming the City Football Group to the Indian Super League and Indian Football, Mrs Nita Ambani, Chairperson of Football Sports Development Ltd (FSDL) had a lot to say and admitted that it's a landmark occasion. She also went on to reveal this will help improve football's appeal in India and for football fans around the country, it's a moment to celebrate.

“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." she added.

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