Friday 16 July 2021 10:16 am

Man City owner raises almost half a billion to fund further expansion - reports

City Football Group, the owner of Manchester City and a host of other clubs across the world, has raised almost half a billion-worth of debt capital according to reports this morning.

The Group has raised $650m (£470m) to finance international ambitions, according to sources who spoke to the Financial Times.

The seven-year package has been underwritten by Barclays, with HSBC and KKR Capital Markets arranging the debt, per those reports.

Read more: Manchester City launch $CITY fan token through Chiliz and Socios

CFG is majority-owned by Sheikh Mansour bin Zayed al-Nayhan, a billionaire Abu Dhabi royal, and now owns not just Manchester City but New York City FC, Melbourne City, Japanese club Yokohama Marinos and Uruguayan club Montevideo City Torque.

The club also has majority shareholdings in Mumbai City, Belgian club Lommel and French club Troyes.

Minority owners of CFG include Silver Lake and two Chinese firms.

Manchester City football club itself lost £126m in the year to June 2020, with finances hit by a lack of spectators in the club’s Etihad Stadium due to the pandemic.

CFG did not comment on the deal when contacted by the Financial Times.

Read more: What Amazon is doing with French football rights and the clues it offers to its plans for the Premier League