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Tuesday, February 7, 2023

City Football Group acquires Club Bahia from Brazil

City Football Group (CFG) has increased its stake. Manchester City ownership group has reached An agreement to acquire club Bahia of the Brazilian second division for 700 million reais (126.6 million euros), as reported by the entity from Rio This is a statement.

deal with Support of 98.6% of the more than 13,000 members who are part of the Latin American club, City Holding will take over 90% of the club’s shares, while the Esporte Clube Bahia Association will hold the remaining 10%.

the club will be Sports Public Limited Company (SAD) and its current president, Guilherme Bellintani will continue to lead the Brazilian team. Agent Paulo Pitombeira, the intermediary in the negotiations, would receive 6% of the sale in commission, pocketing around eight million euros.

after purchase, The company plans to repay the club’s debt in installments, which amounts to 300 million reais. (54 million euros). “We are honored that the shareholders of Bahia have placed their trust in us and voted in favor of the investment,” said CFG CEO Ferran Soriano.

Once the transaction is complete, CFG will assess the club’s existing staff, from directors to coaching staff, including first team players. Saudi group intends Strengthening the base team of the club and achieving financial stability in the next campaigns,

It will be the thirteenth club managed by the group, which already controls Manchester City (United Kingdom).Girona FC (Spain), Palermo FC (Italy), New York City (USA), Melbourne City (Australia), Mumbai City (India), Lommel SK (Belgium), Estac Troyes (France), Montevideo City Torque (Uruguay).) , Yokohama Marine (Japan) and Sichuan Jiuniu (China).

However, last April, Protests from the club’s fans forced the group to cancel the purchase of Dutch Nack Breda.That started a social media campaign, with stadium chants against the transaction and a banner reading “Keep off our turf, NAC City Group is not part of history.”

World Nation News Desk
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