Brazilian side Bahia approve takeover by City Football Group | OneFootball

Manchester City parent company City Football Group have acquired another club to add to their portfolio, this time in Brazil.

Bahia FC – who have just earned promotion to the Brazilian top flight –voted with a 98.6% approval rate to sell 90% of the club for a  fee of R$ 1 billion, a figure that works out at around £155 million.

“Today is an incredibly exciting milestone for Bahia and City Football Group,” City CEO Ferran Sorriano said. “We are honoured that Bahia’s shareholders have placed their trust in us and voted in favour of City Football Group’s investment.

“We are now continuing to work on the transaction process, which we expect to finalise in early 2023.

“By completing the process, we will implement a long-term strategy for Bahia to boost the growth of the club.

“We will prioritise strengthening squads and youth divisions to compete at a high level, engaging with fans and improving their experience, achieving solid long-term financial sustainability and always keeping in focus the strong values, roots and identity of EC Bahia.”

Bahia will become the 13th club in the City Football Group portfolio across five continents.