Photo: Tim Nwachukwu/Getty Images
The City Group, owner of several football clubs, including New York City FC and English Manchester City, submitted an offer of 1,000 million reais, equivalent to almost $200 million dollars, to acquire 90% of Esporte Clube Bahiareported the Brazilian entity based in the city of Salvador.
Bahia, currently in the Second Division of the Brazilian Championship, announced that the money offered would allow him to “pay off all existing debts and include a robust financing program” for the incorporation of new signings.
The president of Bahia, Guilherme Bellintani, and the executive director of the City Group, Ferran Soriano, reported the details of the offer in a meeting with the directors of the institution, known as Tricolor de Acero.
The proposal will be analyzed by the members in a General Assembly, and the various competent bodies of the club, which it would have to become a Sociedad Anónima de Fútbol (SAF) in order to conclude the business.
According to the information, City’s priorities include “strengthening the men’s and women’s teams”as well as the lower categories, guarantee financial sustainability, improve infrastructure and promote social programs to support the local population.
If the purchase materializes, Bahía would become the thirteenth club of the City Group and would follow in the footsteps of other Brazilians that have also recently been acquired by private investors.
This is the case of former Brazilian striker Ronaldo Nazário de Lima, who acquired Cruzeiro; the North American businessman John Textor, new owner of Botafogo; or the US fund 777 Partners, the majority shareholder of Vasco da Gama.
The City Football Group controls, in addition to Manchester City and New York City, other clubs such as Melbourne City, Montevideo City Torque and the Spanish Girona.
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