Kieran Maguire: Man City owners' 'real priority' revealed amid near-£700m news from New York
Man City will always be the jewel in City Football Group’s crown – but New York City’s lucrative stadium plans mean they are close second.
That is the view of finance guru Kieran Maguire, speaking exclusively to Football Insider about City Football Group’s grand plans for their asset across the pond.
CFG, who own 12 clubs worldwide, established New York City in 2013 and the club have since played their home matches at the Yankees Stadium.
But the club announced on Wednesday (16 November) that they now have plans to build a bespoke 25,000-seater stadium at a cost of £660million.
An industry source told Football Insider on Thursday (17 November) that the stadium blueprints will likely allow for further expansion in the future.
Maguire assessed how the plans will benefit City Football Group as whole.
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“New York City will always be number two as far as City Football Group’s investment portfolio is concerned,” he told Football Insider’s Adam Williams.
“It’s interesting that the size of the stadium is only 25,000 and the majority of the land acquired is going to be used for hotel, retail and residential development.
“That is probably the way forwards and makes a lot of sense. That seems to be the done thing with projects in this area these days.
“It is far more logical for City Football Group to sweat their asset and get 365 days’ worth of revenue out of them rather than the 20-30 days that you will get from a football stadium alone.
“So, while Man City will always remain the real priority, there is no reason that New York City can’t become an increasingly valuable asset to the group as a whole.”