Manchester City's parent company have announced their latest venture after finalising a deal to buy a majority stake of Indian Super League side Mumbai City.


They become the eighth club owned by City Football Group, joining teams from across five continents. 


The group announced on Thursday that they have purchased a 65% stake in the Indian club, subject to approval of 'certain football bodies'.

Mumbai City are into their sixth season in the Indian Super League, and will be hoping investment from CFG can help deliver their first title.


Manchester City and CFG chairman Khaldoon Al Mubarak ​said in a statement that the deal will be 'transformative' for Mumbai and Indian football.


“We believe that this investment will deliver transformative benefits to Mumbai City FC, to City Football Group and to Indian Football as a whole. City Football Group is committed to the future of football in India and to the potential for Mumbai City FC within that future," he said.


“We are very much looking forward to playing an active role in Mumbai City FC’s fan and local communities, and working with our co-owners to further develop the Club as quickly as possible.” 

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Mumbai City now become the third club under CFG's control in Asia. They also hold a majority share of Japanese side Yokohama F. Marinos, as well as Sichuan Jiuniu, who play in their third tier of Chinese football.


Australia's Melbourne City, Uruguayan outfit Club Atletico Torque and MLS team New York City FC are likewise part of CFG. Girona - relegated from ​La Liga last season - complete the list.


CFG became the world's richest football conglomerate on Wednesday following a £389m investment from American private equity firm Silver Lake, who purchased a 10% stake in the company.


According to the Daily Mail, CFG remain on the lookout for new franchises, with Brazil and Mexico allegedly on their list of potential locations.

Manchester city owner Sheikh Mansour bin

The money earned from the aforementioned investment will be used to develop each of the clubs that comprise the group, including Mumbai, who will be unveiled as a member before the weekend.


City hope to increase their exposure to markets around the globe, with Silver Lake's managing director, Egor Durban, saying of their parent company: "They are redefining football globally and in doing so have built a platform of marquee clubs across five continents.


"We are excited to partner with the board and CFG's world-class management team to help drive CFG's growth."


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