Manchester City's owners — City Football Group — have completed their acquisition of Esporte Clube Bahia, a Brazilian top-flight side located in the country's northeastern region.
Bahia are the 13th club to join the international conglomerate which includes clubs such as New York City FC, Melbourne City FC, and, most recently, Palermo.
The deal for 90 per cent of Bahia's shares is valued at R$1billion, which equates to £158million on current exchange rates. Bahia represents CFG's second largest investment into buying a football club, after Premier League champions Manchester City.
Bahia's elected club administration will own the remaining 10 per cent of shares. They will also have full rights over club heritage items, such as Bahia's club colours and the club emblem.
Ferran Soriano, CFG's chief executive, addressed Bahia fans: “Thank you for trusting in us to take care of your club. We have already started to work together. Bahia and City's teams will start to work together for the next season and all the projects are set to come.”
Speaking during a press conference on Thursday, Soriano added: “In this moment, this a hugely important moment for us. We celebrate today the first day which will certainly be a long-term project, and the first day of a journey to take Bahia to the maximum of its potential.
“It's a huge responsibility. All our clubs, with Bahia it's 13, all have a story but Bahia is exceptional for its size. Bahai will be the second biggest club in the group. We also understand that Bahia is part of the fabric of Bahia's society.
“It has huge potential and we were impressed with the administration in the worst modern circumstances of the football club – a pandemic and a relegation. It's very hard to feel responsible.
“In our strategy it is fundamental not just to keep this relationship between Bahia and the society, but to deepen it.
“We want Bahia to grow: sporting wise, economically, socially.”
A vote between club members took place in early December to consider City Football Group's proposal. A 98.6 per cent majority saw voters accept the takeover.
A number of players and staff from City Football Group clubs around the world, including the likes of Ederson and Julian Alvarez, were part of a promotional video released in December thanking Bahia's fans.
The completion of the deal was subject to legal paperwork, which have now been finalised.
As negotiations took place last year, Bahia were fighting for promotion back into Brazil's top flight. This season, Bahia have endured a difficult start to the Brasileirao with two losses and one recent win against Vasco da Gama.
CFG is majority owned by Newton Investment and Development LLC, an Abu Dhabi-registered company wholly owned by the United Arab Emirate's Deputy PM Sheikh Mansour. American private equity firm Silver Lake holds a minority shareholding of 18.16 per cent.
City Football Group owns clubs in every continent except from Africa. They now own Manchester City FC (England), New York City FC (United States), Melbourne City FC (Australia), Yokohama F. Marinos (Japan), Montevideo City Torque (Uruguay), Girona (Spain), Sichuan Jiuniu (China), Mumbai City FC (India), Lommel SK (Belgium), Troyes (France), Palermo (Italy), and EC Bahia (Brazil). Club Bolivar (Bolivia) is also part of the CFG family but they are listed as a partner club.
(Photo: City Football Group)