Sources: Major update on Man City owners’ £114m Brazilian deal
Man City parent company City Football Group are waiting on Bahia to complete in-house checks and balances as they put the finishing touches to a takeover, sources have told Football Insider.
It was widely reported in September that CFG had submitted a formal proposal to acquire a 90 per cent stake in the Brazillian second-division side.
No formal announcement has since been made, but sources with knowledge of the deal have told Football Insider that CFG are satisfied with the outcome of negotiations and will confirm the takeover once Bahia’s processes are concluded.
This will likely involve ratifying the deal with the Brazilian football authorities among other formalities.
Club president Guilherme Bellintani has previously confirmed that the buyout, which he told the Brazilian media earlier this was worth £114million, is all but done.
It has also been reported that CFG will provide £174.9m worth of funding towards new player acquisitions, infrastructure, and paying off the club’s debts.
Bahia supporter groups have been consulted ahead of the Salvador-based side becoming the 12th team in the multi-club empire.
The umbrella organisation’s most recent acquisition was Italian Serie B side Palermo in July, three months after a takeover of Dutch second-tier outfit NAC Breda collapsed at the eleventh hour following a fan backlash.
CFG already have a foothold in South America with Uruguyana side Montevideo City Torque, who joined the stable in 2017.
Interest in the Brazilian takeover market has ramped up in recent months after a law allowing clubs to seek foreign investment was passed in August.
Liverpool owners Fenway Sports Group have also been linked with an acquisition in the region, while Chelsea supremo Todd Boehly is said to be eyeing Brazil as a potential outpost for his multi-club operation.
In other news, ex-Fifa official cites Erling Haaland as Man City handed “huge” punishment.