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City Football Group (CFG) has completed the takeover of Brazilian top-flight soccer club Esporte Clube Bahia.
Confirmed:
- CFG reportedly taking 90 per cent stake in Bahia in a deal worth R$1 billion (US$200 million).
- Bahia’s elected club administration to retain the remaining ten per cent of shares
- Club to also own full rights over heritage items, such as colours and emblem
- Manchester City owner adds 13th club to portfolio
Context:
The acquisition of Bahia was approved in December after the club’s members voted in favour of CFG’s takeover. Other teams part of the group include Major League Soccer’s (MLS) New York City FC, the A-Leagues’ Melbourne City and India’s Mumbai City FC. The takeover of Bahia also represents CFG’s second largest outlay for a soccer club after Premier League champions Manchester City.
Comment:
“It has huge potential and we were impressed with the administration in the worst modern circumstances of the football club – a pandemic and a relegation,” said Ferran Soriano, CFG chief executive.
“In our strategy it is fundamental not just to keep this relationship between Bahia and the society, but to deepen it. We want Bahia to grow: sporting wise, economically, socially.”
Coming next:
Bahia, which sit 15th in the Brazilian top tier, are next in action on 7th May against Coritiba.
