City Football Group is one step closer to adding another soccer club to its portfolio.
The Manchester City owner is set to acquire Brazilian club Esporte Club Bahia in a deal reportedly valued at $133.7 million. The pact for a 90% stake in the club was approved by Bahia’s members at their general assembly with 98.6% in favor.
- Bahia was recently promoted to Campeonato Brasileiro Série A — Brazil’s top league.
- CFG has full or partial stakes in 13 soccer clubs including MLS’ New York City FC and Australia’s Melbourne City FC.
- The Bahia deal is expected to be finalized in early 2023.
Silver Lake increased its existing stake in CFG, making the private equity firm its second-largest shareholder. Silver Lake bought an initial 10% stake for $500 million in 2019 and now owns 14.5% of the company.
A law passed last year allowing clubs in the country to seek outside investments, leading to a flurry of interest in other Brazilian teams, including Atletico Mineiro — which could sell a 51% stake for $208 million.
In July, CFG completed its acquisition of an 80% stake in Italian club Palermo.
The deal for the Serie B club — Italy’s second-highest level of pro soccer — was reportedly worth between $13 million and $14 million.