City Football Group, the Abu Dhabi-based parent company of Manchester City, has secured a controlling stake in Brazil's Bahia as it continues its global expansion.
In a statement, City Football Group (CFG) said it acquired 90 per cent of Bahia's shares in a deal that marks its first acquisition in South America's largest country.
"In Brazil, football is the number one sport but it's not developed as it should from the economic point of view, as happened in Europe 20 years ago," said CFG boss Ferran Soriano.
"Today, the Premier League is what it is due to how it was structured. It will depend on us and the other Brazilian clubs to grow the championship in a general way."
Financial details were not disclosed but local media reported that CFG agreed to pay around 200 million U.S. dollars, including cash for debt repayments, player acquisitions and investments in new infrastructure.
The deal means CFC now owns 13 clubs in five continents. In addition to Bahia, the group's South American affiliates are Club Bolivar in Bolivia and Montevideo City Torque in Uruguay.
Founded in 1931, Bahia are one of Brazil's most popular clubs but have fallen on hard times in recent years. The last of their two Brazilian Serie A titles came in 1988 and they have not finished higher than eighth in the top tier since 2001.
The club earned promotion to the top flight last November after finishing third in the Serie B.
"The potential is spectacular," Soriano said. "It [Brazil] is the greatest source of talent in the world. The opportunity cannot be lost and I want to help."
"We now begin a journey as partners to help the club reach its full potential," he added.
--IANS
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