On Friday, Mumbai City FC confirmed that City Football Group has sold all of its shareholding stakes in the club, leaving the Indian Super League franchise with no owner amidst the current doubt on the future of the league.
This will imply that the full ownership in the Mumbai-based club will be handed back to the original partners in the club, Bollywood actor Ranbir Kapoor and businessman Bimal Parekh.
“Mumbai City FC can confirm that City Football Group Limited has divested its shareholding in the Club. The founding owners will assume full control of the organisation moving forward,” the club said in a statement.
CFG, which owns a portfolio of clubs worldwide, including English Premier League champions Manchester City, acquired a 65 per cent stake in Mumbai City FC in 2019.
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“Since 2019, CFG and Mumbai City FC have reached new heights, winning two ISL League Winners’ Shields and two ISL Cup titles, strengthening the Club’s football operations, and making meaningful contributions to the growth of the game in India,” the statement added.
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Mumbai City FC have been one of the most successful teams in the history of ISL; they have won four major trophies, two League Winners' Shields and two ISL Cups.
“CFG has made this decision following a comprehensive commercial review and in light of the ongoing uncertainty surrounding the future of the Indian Super League. This step reflects CFG’s disciplined and strategic approach, ensuring its focus remains on areas where it cn have the greatest long-term impact,” CFG explained.
“CFG remains proud of the achievements and deeply appreciative of everyone connected to Mumbai City FC from players and coaches to staff, fans, and partners for their commitment and passion, and looks forward to continuing its relationships and partnerships in India in the years ahead.”
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Notably, just in July, Football Sports Development Limited (FSDL) informed the All India Football Federation that the ISL would be put on hold due to uncertainty over the renewal of the 15-year Master Rights Agreement, which expired on December 8.
Following this, a Supreme Court-appointed committee later floated a tender for the league’s commercial rights, but it failed to attract any bidders.
On December 20, a proposal by 10 ISL clubs seeking “perpetual” operational and commercial ownership of the league was also rejected by the AIFF General Body.
