Sources: Man City owners poised to announce £114m deal on Saturday
Man City parent company City Football Group could announce the acquisition of historic Brazilian side Bahia on Saturday (3 December), sources have told Football Insider.
Bahia club members will meet on Saturday to vote on whether to approve the 90 per cent sale of the second-tier side to CFG in a deal expected to be worth around £114million.
Football Insider revealed in October that CFG were waiting on Bahia to complete in-house checks and balances before applying the finishing touches to the takeover.
That process is expected to reach its conclusion this weekend, with advisors and key stakeholders almost unanimously supporting the multi-club organisation’s proposal.
It is understood that both parties have drafted statements in anticipation of a positive vote – and the final decision about when to announce will lie with Bahia president Guilherme Bellintani.
The two-time Brazilian champions, who currently occupy 3rd place in Brazil’s Serie B, will need to make minor adjustments to their club constitution in order to ratify the deal.
But this motion too is fully expected to carry, allowing CFG to make Bahia the 12th club in their global portfolio.
Their most recent purchase was Italian Serie B side Palermo, in whom they acquired an 80 per cent stake in July.
A football finance agent told Football Insider last Thursday (24 November) that China Media Capital were preparing to divest their entire stake in CFG.
CFG announced the following day that the conglomerate had sold an additional 7.4 per cent of its shares to Silver Lake, leaving CMC with 1 per cent and Silver Lake with 18 per cent.
The remaining equity is owned by the Abu Dhabi United Group.
In other news, pundit backs Man City to agree mega-money Toni Kroos deal in January after update.