Owners of Manchester City, City Football Group, have finished buying Esporte Clube Bahia, a top-flight Brazilian team based in the northeastern part of the nation.
Bahia is the thirteenth club to join the global conglomerate, which already consists of teams like New York City FC, Melbourne City FC, and Palermo.
At the current currency rate, the purchase of 90% of Bahia's shares is valued at R$1 billion, or £158 million. Following the Premier League champions Manchester City, Bahia is the football club that CFG has invested the second highest sum of money on.
The remaining 10% of shares will be held by Bahia's elected club management. Additionally, they will have complete control on club heirlooms like the club colors and logo for Bahia.
The remaining 10% of shares will be held by Bahia's elected club management. Additionally, they will have complete control on club heirlooms like the club colors and logo for Bahia.
The chief executive of CFG, Ferran Soriano, said to the Bahia supporters, "Thank you for putting your faith in us to look after your club. We have already begun collaborating. The teams from Bahia and City will begin collaborating for the upcoming season, and everything is scheduled to happen.
In a press conference on Thursday, Soriano further stated: "Right now, this is a crucial time for us. We celebrate today the beginning of what will undoubtedly be a long-term endeavor and the beginning of a journey to realize Bahia's full potential.
It's a significant duty. All of our clubs, including the 13-member Bahia, have a backstory, yet despite its small number, Bahia stands out. The second-largest club in the group will be Baha'i. We are aware that Bahia is woven within Bahia's social structure.
"It has tremendous potential, and we were impressed with the administration during the worst modern football club circumstances—a pandemic and relegation. It's incredibly challenging to feel accountable.
maintaining and strengthening the connection between Bahia and the wider community.
"We want Bahia to develop economically, socially, and in terms of sports."
Early in December, club members voted on the proposition from City Football Group. Voters approved of the takeover with 98.6% of the vote.
Ederson and Julian Alvarez, among other City Football Group players and personnel, appeared in a promotional video praising Bahia's supporters that was released in December.
Legal paperwork was required before the sale could be completed, and it has finally been done.
Last year, Bahia was vying for re-promotion into Brazil's top division as talks were taking place. Bahia had a challenging start to the Brazilian Championship this year, suffering two losses and a recent victory over Vasco da Gama.
Newton Investment and Development LLC, an Abu Dhabi-registered business owned entirely by the United Arab Emirate's deputy prime minister Sheikh Mansour, owns a majority stake in CFG. 18.16% of the shares are held by American private equity firm Silver Lake.
Except for Africa, City Football Group owns clubs in every continent. They currently own the following teams: Mumbai City FC (India), Lommel SK (Belgium), Troyes (France), Palermo (Italy), New York City FC (United States), Melbourne City FC (Australia), Montevideo City Torque (Uruguay), Girona (Spain), Sichuan Jiuniu (China), and EC Bahia (Brazil). Although they are listed as a partner club, Club Bolivar (Bolivia) is also a member of the CFG family.
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