MUMBAI (Reuters) -- The owners of Premier League champions Manchester City have agreed to buy a 65% stake in Indian Super League (ISL) football team Mumbai City FC, the City Football Group (CFG) said in a statement on Thursday.
The ISL team would become the eight club in the CFG network. CFG will become a majority shareholder in the Mumbai club, while existing shareholders Ranbir Kapoor and Bimal Parekh will together control the remaining 35% stake.
"City Football Group is committed to the future of football in India and to the potential for Mumbai City FC," Chairman of City Football Group Khaldoon Al Mubarak 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."