majority stakeholder

MUMBAI: City Football Group (CFG), which owns Premier League champions Manchester City, was Thursday announced as the majority stakeholder of Indian Super League (ISL) club Mumbai City FC.

Though financial terms were not divulged, CFG now holds a 65% majority stake in the club, while co-owners Bimal Prekh and Ranbir Kapoor retain the remaining 35% shares.

It bears noting that during Mumbai City FC's extended talks with CFG for a stake sale, media reports had put the club's valuation at Rs 2.5 billion.