Manchester City close to buying another club
City Football Group has launched an offer for Esporte Clube Bahia. The price of the Brazilian team would be close to €200 million.
The City Football Group (CFG) is very close to adding another club to its vast portfolio of teams. As reported by the English newspaper, The Mirror, and has been confirmed by Diario AS, the deal would see the owners of Manchester City take over Esporte Clube Bahia for £175 million, or €196 million at the current exchange rate.
But the deal is no coincidence. It is part of a growing trend of investment in Brazilian football following the passing of a law allowing clubs to seek outside investment. Thus, CFG would take 90% of two-time Brazilian champions Bahia, who could end up becoming the thirteenth club in City’s expanding portfolio.
The offer, however, is still pending approval by the current directors of the Salvador-based club. But all indications are that it will go ahead as the financial proposal is well above the 650 million reais (€127 million) that president Guilherme Bellintani quoted earlier this year when talk of a possible sale of Bahia began.