Owner of Manchester City football club, the City Football Group has agreed to acquire a majority stake in India's Mumbai City FC of the Indian Super League. This will be the 8th club that CFG has a majority stake in.
According to the company's website, CFG will become a 65% majority shareholder of the club, while actor Ranbir Kapoor and Bimal Parekh will hold the remaining 35% of the shares.
The completion of the investment still remains subject to the approval of certain football bodies, according to the website.
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.
CFG is well known for the ownership for the EPL champions of 2018, Manchester City, FC. But they also own the New York City in the US, Melbourne City FC in Australia, Yokohama F. Marinos in Japan, Club Atletico Torque in Uruguay, Girona FC in Spain and Sichuan Jiuniu FC in China.