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CFG kicks off talks for Mumbai City FC after USD 500mn PE investment: Reuters
Posted on Thursday, 28 November 2019 10:18
City Football Group (CFG), which yesterday announced it had scored a USD 500.00 million investment from Silver Lake, is now in talks to acquire a majority stake in Indian Super League club Mumbai City FC, a person close to the matter told Reuters.
According to the sources, the owner of current Premier League champions Manchester City is likely to announce the deal as soon as today.
One person, who asked not to be identified as the situation is still private, noted the investment showcases the interest of the world in Indian football.
Earlier this year, CFG said it has been looking to gain a presence in the country for over two years and is hoping to complete a transaction by the end of 2019.
The business is likely to give details of the investment at a news event in Mumbai later today.
Yesterday, Silver Lake announced it was taking a 10.0 per cent stake in CFG and will inject USD 500.00 million, the proceeds of which will be used to fund international growth.
Mumbai City FC is partly owned by Bollywood actor Ranbir Kapoor and is currently placed 10th in the Indian Super League.
CFG is controlled by the Abu Dhabi United Group and China Media Capital and also owns Yokohama F. Marinos in Japan, Club Athletico Torque in Uruguay and Sichuan Jiuniu in China.
Zephyr, the M&A database published by Bureau van Dijk, shows there have been 121 deals targeting sports teams and clubs announced worldwide since the start of 2019.
Silver Lake’s USD 500.00 million investment in CFG is the largest of these, followed by Juventus Football Club raising EUR 300.00 million in a capital increase.
Atlanta Falcons Football Club, ACF Fiorentina, FC Internazionale Milano (Inter Milan) and LOSC Lille, among others, have also been targeted in the year to date.
© Zephus Ltd