Man City owners expand empire

The Etihad stadium, home of Manchester City in the UK. The owners, City Football Group (CFG), are expanding their global stable of clubs to eight in countries from China to Japan to the US. (Shutterstock)
Updated 29 November 2019

Man City owners expand empire

  • Mumbai City FC deal comes a day after Abu Dhabi-owned CFG becomes most valuable soccer group in the world

MUMBAI: The owners of Premier League champions Manchester City have agreed to buy 65 percent of Indian soccer team Mumbai City FC, expanding their global stable of clubs to eight in countries from China to Japan to the US.

The City Football Group (CFG) announced the deal just a day after it agreed to sell a stake to the US private equity firm Silver Lake for $500 million, making it the most valuable soccer group in the world with a $4.8 billion price tag.

While rivals such as Manchester United have focused on building their brand and global following based on one team, CFG has acquired clubs around the world and modelled them on the Manchester City style of play and off-field organization.

The strategy has helped to boost the exposure and popularity of the Premier League champions, whose fortunes have been transformed after decades in the doldrums thanks to an infusion of cash from Abu Dhabi since 2008.

Announcing the Mumbai City deal, Manchester City CEO Ferran Soriano said that the group had been looking for years at soccer in India and the Indian Super League (ISL), which is currently in its sixth season.

“Our goal is long term, we are here to stay,” he told a news conference in Mumbai. 

“We are not here to lose money, we will look to help the league generally improve so that everybody makes money, including us. It will take time, we are patient.”

Mumbai City FC’s home ground is the Mumbai Football Arena, which has a capacity of just 8,000 while the team is sitting in seventh place in the 10-team ISL after five games.

“We believe that this investment will deliver transformative benefits to Mumbai City FC, to City Football Group and to Indian Football as a whole,” CFG Chairman Khaldoon Al Mubarak said in the statement.

Reuters had reported earlier on Thursday that CFG, which is majority owned by Abu Dhabi’s Sheikh Mansour bin Zayed Al Nahyan, was likely to acquire a majority stake in Mumbai City.

Existing shareholders in the Mumbai club, including Bollywood actor Ranbir Kapoor and chartered accountant Bimal Parekh, will control the remaining 35 percent stake.

Cricket-mad India is a massive underachiever as far as soccer is concerned and the country of 1.3 billion people has yet to make a single appearance at a World Cup final.

A number of European clubs have, however, set up academies on a franchise basis to get a foothold in a potentially huge market. Spain’s La Liga has invested in a network of training centers to keep an eye on emerging talent and to encourage sales of strips for teams such as Barcelona and Real Madrid.

Traditionally quite popular in Goa, Kerala and Kolkata, interest in soccer in India has grown over the past decade with the arrival of hundreds of artificial pitches in cities such as Bengaluru, Mumbai and Delhi, which have drawn in a young population previously focused chiefly on cricket.

“It is a great endorsement of the increasing appeal of Indian football and for all football fans in India,” Nita Ambani, founder chairperson of the ISL, said in the City Group statement.

English Premier League and European Champions League games now draw millions of viewers and are easily available on India’s big streaming networks for subscriptions of $7 to $13 a year.

The ISL is promoted by billionaire Mukesh Ambani’s Reliance Industries and TV network Star India, which is owned by Walt Disney.

According to the Broadcast Audience Research Council, soccer had a total of 498 million viewers in India in 2018 last year compared with 741 million for cricket.

Mumbai City has had Premier League veterans such as Freddie Ljungberg, Nicolas Anelka and Diego Forlan as marquee players in the past. The first edition of the ISL was won by Atletico de Kolkata, which then counted Atletico Madrid as a co-owner. 


India to invest $1.46 trillion to lift virus-hit economy

Updated 15 August 2020

India to invest $1.46 trillion to lift virus-hit economy

  • Modi announced a national digital heath plan under which every Indian will get an identity card containing all health-related information
  • Modi said the government has identified 7,000 infrastructure projects to offset the economic impact of the pandemic
NEW DELHI: India’s prime minister said Saturday his country has done well in containing the coronavirus pandemic and announced $1.46 trillion infrastructure projects to boost the sagging economy.
The key lesson India learnt from the pandemic is to become self-reliant in manufacturing and developing itself as a key supply chain destination for international companies, Prime Minister Narendra Modi said.
“The coronavirus epidemic is a big crisis, but it can’t stall India’s economic progress,’’ Modi said in a speech from New Delhi’s 17th century Mughal-era Red Fort to mark 74 years of the country’s independence from British rule. He wore an orange and white turban with a long scarf around his neck.
He also said that three vaccines are in different phases of testing in India and it will start mass production as soon as it got a green light from scientists. “Detailed plans are in place for large-scale production of corona vaccine and making it available to every Indian,” he said.
India’s coronavirus death toll overtook Britain’s this week to become the fourth-highest in the world as the country reported over 2.5 million confirmed cases, just behind the US and Brazil.
Modi also announced a national digital heath plan under which every Indian will get an identity card containing all health-related information.
The celebrations were curtailed on Saturday because of the pandemic, with invitations going only to 4,000 guests instead of normal 20,000, media reports said.
The International Monetary Fund projected a contraction of 4.5 percent for the Indian economy in 2020, a “historic low,” but said the country is expected to bounce back in 2021.
Modi said the government has identified 7,000 infrastructure projects to offset the economic impact of the pandemic.
“Infrastructure will not be created in silos anymore. All infrastructure has to be comprehensive, integrated and linked to each other. Multi-modal connectivity infrastructure is the way forward,” he said.
He said that India saw a record 18 percent jump in foreign direct investment in the past year, a signal that the international companies are looking at the country.
Modi didn’t refer to China directly, but India is trying to capitalize on its rival’s rising production costs and deteriorating ties with the United States and European nations to become a replacement home for large multinationals.
Referring to border tensions with China in the Ladakh area, he said Indian forces had given a befitting response in the mountainous region where thousands of soldiers from the two countries remain in a tense standoff since May. India said 20 of its troops died in hand combat with Chinese troops on June 15.
“Whether it’s terrorism or expansionism, India is fighting the challenges bravely,” Modi said in apparent references to threats from neighboring Pakistan and China.