City Group offers US$190 mln for Brazilian soccer club Bahia

City Group offers US$190 mln for Brazilian soccer club Bahia

5 days ago

SAO PAULO: City Football Group (CFG), the owner of Manchester City English Premier League soccer team, made an offer of 1 billion reais (US$190 million) for 90 per cent of Brazilian club Esporte Clube Bahia, CFG said on Friday.

The purchase is part of a funding bonanza in Brazilian soccer, following the approval of a law that allowed clubs to seek outside investment.

Other professional clubs in the soccer-loving country have been bought in recent months, such as Belo Horizonte's Cruzeiro, where former Real Madrid and Brazil striker Ronaldo bought a controlling stake, and Rio de Janeiro-based team Botafogo.

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