Manchester City owners City Football Group take majority stake in Indian club Mumbai City
Last Updated: 28/11/19 11:30am
Manchester City's owners, the City Football Group (CFG), have bought a majority stake in Mumbai City FC, making them the eighth club in the group's network.
The group, who have agreed a deal to take a 65 per cent share of the Indian Super League side, also has majority stakes in New York City in the USA, Melbourne City in Australia, Yokohama F. Marinos in Japan, Club Atletico Torque in Uruguay, Girona in Spain and Sichuan Jiuniu in China.
CFG chairman Khaldoon Al Mubarak said in a statement: "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."
Actor and film producer Ranbir Kapoor will stay at Mumbai City as a minority shareholder alongside Bimal Parekh.
The team is currently seventh in the Indian Super League after managing five points from their first five matches this season.