Manchester City Owner to Buy 65% of Mumbai City F.C.

(Bloomberg) -- City Football Group, the owner of Manchester City soccer club, agreed to buy a 65% stake in Indian Super League team Mumbai City FC, according to statement Thursday.

Existing shareholders, the actor and film producer Ranbir Kapoor and Bimal Parekh, will hold the remaining 35% of shares. Terms of the transaction weren’t revealed.

On November 27, Silver Lake announced the acquisition of a 10% holding in Manchester City at an implied valuation of about $4.8 billion. Shares in local rival Manchester United Plc had their biggest intraday jump ever, rising as much as 14% in New York, after the purchase turned a spotlight on valuations.

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