The owners of Premier League champions, Manchester City, have agreed to buy a 65% stake in Mumbai City FC expanding their global stable of clubs. The deal by City Football Group (CFG) now makes it the most valuable Football Group with a worth of $4.8 billion. The Indian Super League team’s existing shareholders Ranbir Kapoor and Bimal Parekh will together own the rest.
“Our goal is long term, we are here to stay. We are not here to lose money, we will look to help the league generally improve so that everybody makes money, including us. It will take time, we are patient.” Manchester City CEO Ferran Soriano said at an event in Mumbai.
Read more at Reuters