City Football Group (CFG) confirmed this week that it has sold its shares in Mumbai City FC after six years of association with the club.
On November 27, 2019, the CFG conglomerate’s global reach further expanded by acquiring a 65% majority stake in Indian Super League (ISL) club Mumbai City, becoming the multi-club group’s eighth team at the time.
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Since Mumbai City’s induction into the multi-club infrastructure, the club has prospered by winning two ISL League Winners’ Shields and two ISL Cup titles – a milestone for the Indian team, which has seen marked improvement since the takeover.
However, six years later, City Football Group officially announced in the early hours of December 26 that following a financial revaluation of the investment, CFG would divest its majority stake in the club and hand over full control to the founding owners.
The City Football Group press release, officially relayed by Mumbai City FCread: “Mumbai City FC can confirm that City Football Group Limited (CFG) has divested its stake in the club. The founding owners will now assume full control of the organization.
“Since 2019, CFG and Mumbai City FC have reached new heights by winning two ISL League titles and two ISL Cup titles, strengthening the club’s football operations and making significant contributions to the growth of the game in India.”
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The statement continued: “CFG has made this decision following an extensive commercial review and in light of the ongoing uncertainty surrounding the future of the Indian Super League (ISL).
“This step reflects CFG’s disciplined and strategic approach, ensuring its focus remains on areas where it can have the greatest long-term impact. »
“CFG remains proud of the achievements and deeply appreciates everyone connected to Mumbai City FC – from players and coaches to staff, fans and partners – for their commitment and passion, and looks forward to continuing our relationships and partnerships in India in the years to come.”
This statement marks the end of City Football Group’s partnership with Mumbai City FC, which has certainly brought success to the Indian city club. It remains to be seen, however, whether there is another club, within Indian football or elsewhere, ready to take their place.
