CFG will hold a 65 per cent stake in Mumbai City, with completion of the investment subject to the approval of certain football bodies.
Famously known as the Islanders, Mumbai now join Manchester City, New York City, Melbourne City, Yokohama F Marinos, Atletico Torque, Girona, and Sichuan Jiuniu in their list of acquired clubs from across the globe.
Recently, City have also sold a stake of just over 10% to US-based investment firm Silver Lake, making them the most valuable sports group in the world valued at £4.8bn.
In their statement for the announcement, CFG said, "City Football Group (CFG) has agreed a deal to acquire a majority stake in its eighth club, Mumbai City FC in the Indian Super League, marking a major move into Indian football."
Furthermore, "CFG will become the 65% majority shareholder of the Club, alongside existing shareholders, acclaimed actor and film producer, Ranbir Kapoor and Bimal Parekh who combined will hold the remaining 35% of shares. Completion of the investment remains subject to the approval of certain football bodies."
The statement continued, "The deal will see Mumbai City FC benefit from the Group’s commercial and football know-how, whilst at the same time delivering a new and exciting element to the CFG global commercial platform."
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."
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 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."
She added, “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 makes India the most exciting global opportunity in the world today, in every field, and especially in sport."
In conclusion, Mrs Ambani said, “On behalf of all Indian football stakeholders, I welcome City Football Group and thank them for their interest and belief in Indian football. I am sure Mumbai City FC and Indian football will benefit greatly from this historic partnership.”