Manchester City owners City Football Group (CFG) are set to withdraw from the Indian Super League club, Mumbai City, as per reports. The ISL side has won two league shields and two ISL cups and has been one of the most successful franchises in Indian football.
Man City owners CFG to exit from Mumbai City amid growing ISL uncertainty
According to reports, Mumbai City has informed the All India Football Federation (AIFF) that CFG will no longer be associated with the ISL club. Additionally, the parent company has entered into a sale and purchase agreement. It will also, reportedly, sell its shareholding of the club to Mumbai City Football India Pvt Ltd.
According to a report in PTI, a reliable source privy to the development told:
"Mumbai City FC have bought over the shares of City Football Group.”
The City Group acquired a 65 per cent stake in the Mumbai-based ISL club in 2019. Following this, the indian football franchise became the eighth club in the CFG network. Bollywood actor Ranbir Kapoor became the minority shareholder, while Damian Willoughby took on the CEO role of City Football Group India.
Alongside Ranbir Kapoor, Bimal Parekh combined for a 35% of shares, as per the announcement by the English Premier League side, in 2019. Meanwhile, alongside Pep Guardiola’s side and Mumbai City, the team that plays its home games in Mumbai Football Arena, CFG owns many other famous teams. CFG, the British-based holding company, also has stakes in the MLS side, New York City, La Liga club Girona, and many more.