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Founded in 2013, City Football Group (CFG) is a UK-based holding company that owns and operates a global network of soccer clubs across multiple continents.
Source of funding
CFG is funded primarily through capital provided by its majority owner Abu Dhabi United Group (ADUG), the private investment vehicle owned by Sheikh Mansour bin Zayed Al Nahyan, vice president and deputy prime minister of the United Arab Emirates (UAE).
In addition to ADUG, CFG has attracted minority investment from institutional capital. In 2019, private equity firm Silver Lake invested US$500 million, valuing CFG at US$4.8 billion. Silver Lake increased its stake from just over ten per cent to 18 per cent in 2022 by acquiring additional shares from venture capital firm China Media Capital (CMC), which had previously held an 8.2 per cent stake.
Investment thesis
CFG decides on club investments based on a combination of footballing potential, market opportunity and financial viability, identifying teams with strong traditions and scope for growth, both on the pitch and commercially.
Rather than treating its clubs as standalone assets, CFG sees them as part of a connected global network. It invests with the belief that value in soccer is maximised when clubs share resources, operate across different markets and grow together over time, instead of focusing on short-term wins or quick financial gains.
By bringing together knowledge in areas like player recruitment, data and analytics, sports science, coaching, commercial strategy and operations, CFG aims to lower risk, improve decision-making and raise performance standards across its clubs. This shared model gives each team access to expertise that would normally only be available to Europe’s top sides, in theory helping them compete at a higher level and drive value.
Commercially, CFG focuses on building strong local identities alongside a clearly defined global brand. The group seeks to grow its clubs’ fanbases by modernising matchday experiences, investing in digital engagement and creating globally relevant content. Premier League giants Manchester City act as CFG’s flagship club, driving revenue and setting standards across the portfolio, while also helping to elevate the profile and commercial appeal of the group’s wider network of teams.
The overall goal for CFG is to establish a strong, globally diversified organisation that delivers sustainable returns by combining on-pitch success with brand growth and operational efficiency, even as soccer becomes increasingly expensive at the elite level.
Key personnel
Khaldoon Al Mubarak – Chairman
Appointed: 2013
Role: Al Mubarak oversees CFG’s strategic vision, global expansion, governance and long-term investment across its portfolio of clubs.
Background: Al Mubarak has been chairman of Manchester City since 2008 and is the managing director and chief executive of Abu Dhabi sovereign wealth fund Mubadala Investment Company. His other roles include being chairman of the boards of Abu Dhabi Commercial Bank, Emirates Global Aluminium and the Emirates Nuclear Energy Corporation.
Ferran Soriano – Chief Executive
Appointed: 2013
Role: Soriano oversees the strategic direction and expansion of CFG’s portfolio of soccer clubs and related sports-business ventures.
Background: Soriano also serves as chief executive of Manchester City, New York City and Melbourne City. From 2003 to 2008, he was vice president at FC Barcelona before becoming chairman of the now-defunct Spanish airline Spanair in 2009.
Roel de Vries – Chief Operating Officer
Appointed: 2020
Role: De Vries oversees CFG’s global operations, ensuring clubs across its worldwide network are aligned and operating at a high standard.
Background: Before joining CFG, de Vries had spent his entire career at Nissan, finally as senior vice president.
Ingo Bank – Chief Financial Officer
Appointed: 2023
Role: Bank leads CFG’s financial strategy and operations, supporting the growth and financial performance of the group’s portfolio of clubs and related businesses.
Background: Bank joined CFG after three years as chief financial officer at Austrian semiconductor manufacturer Ams Osram AG. He also spent more than eight years at Philips Healthcare.
Transaction history
Manchester City
Deal value: UK£200 million
Type: Acquisition
Market: Europe
Date: September 2008
Since acquiring Manchester City, CFG has turned the club into one of English soccer’s most successful teams, including winning eight Premier League titles, two FA Cups and a Uefa Champions League crown. City also posted revenue of UK£715 million in 2023/24, a record for a Premier League team. City still await the outcome of an independent commission hearing examining more than 100 charges for alleged breaches of the Premier League’s financial rules, which the club denies.
New York City
Deal value: US$100 million expansion fee
Market: North America
Date: May 2013
New York City were the second club to join CFG’s portfolio when they became Major League Soccer’s (MLS) 20th franchise in May 2013. The US$100 million expansion fee was a league record at the time. In 2024, Bolivian-American billionaire Marcelo Claure, who also owns soccer team Bolivar, bought ten per cent of New York City at a reported US$1.5 billion valuation. Major League Baseball’s (MLB) New York Yankees have held a minority stake since the club’s formation.
Melbourne City
Deal value: AUS$12 million
Type: Acquisition
Market: Oceania
Date: January 2014
CFG bought an initial 80 per cent of Australian A-League outfit Melbourne Heat, renaming the club to Melbourne City. The group later acquired the remaining 20 per cent in 2015 for an additional AUS$2.25 million.
Yokohama F Marinos
Type: Minority stake
Market: Asia
Date: May 2014
CFG’s acquisition of 20 per cent of Japan’s Yokohama F Marinos from majority owner Nissan marked the first significant foreign investment in a J-League club.
Montevideo City Torque
Type: Acquisition
Market: South America
Date: April 2017
Uruguay’s Club Atletico Torque became the fifth member of CFG and the group’s first foray into South America. The club was renamed to Montevideo City Torque in 2020 to align its identity with CFG.
Girona
Deal value: €7 million
Type: Equal majority stake
Market: Europe
Date: August 2017
CFG and Pere Guardiola’s Girona Football Group (GFG) both purchased an equal majority stake of 44.3 per cent in Spanish club Girona in 2017. Guardiola, the brother of Manchester City manager Pep, then sold 35 per cent of the club to Marcelo Claure in 2020, while CFG increased its stake to 47 per cent.
Sheikh Mansour’s Abu Dhabi United Group provides the bulk of City Football Group’s capital (Image credit: Getty Images)
Shenzhen Peng City
Type: Minority stake
Market: Asia
Date: February 2019
CFG, alongside humanoid robot manufacturer Ubtech and China Sports Capital, acquired Sichuan Jiuniu, which became the group’s seventh club. The team relocated to Shenzhen in January 2024 and was renamed Shenzhen Peng City ahead of its debut Chinese Super League (CSL) campaign. CFG holds a 47 per cent stake in the club.
Lommel
Type: Acquisition
Market: Europe
Date: May 2020
Belgian second-tier outfit Lommel became the third European club to be acquired by CFG, joining Manchester City and Girona.
Troyes
Type: Acquisition
Market: Europe
Date: September 2020
The purchase of French team Troyes from previous owner Daniel Masoni took CFG’s global portfolio to ten clubs.
Palermo
Deal value: UK£11.2 million
Type: Acquisition
Market: Europe
Date: July 2022
CFG entered Italian soccer by taking control of second-tier team Palermo. Earlier in 2022, the group looked on the verge of taking over Dutch club NAC Breda in a deal reportedly worth €7 million (US$7.3 million). That deal was ultimately abandoned following a backlash from supporters concerned about the club’s identity and the prospect of it becoming a feeder team for loan players.
Bahia
Deal value: R$1 billion
Type: Acquisition
Market: South America
Date: May 2023
CFG took a 90 per cent stake in Brazilian top-flight team Bahia in a deal reportedly worth R$1 billion, making it the organisation’s second-largest outlay for a club after Manchester City.
Other notable deals
In addition to buying majority and minority stakes in teams, Bolivian side Bolivar became the first partner club of CFG in January 2021. The group’s other partner clubs include France’s Vannes, Singapore’s Geylang International, Turkey’s Istanbul Basaksehir and Abu Dhabi’s Al Jazira.
Notable exits
CFG acquired a 65 per cent stake in Mumbai City in 2019 but divested its holding at the end of 2025, citing uncertainty over the future of the Indian Super League (ISL).
This is the latest instalment in a feature series spotlighting some of the most prominent investors in the sports industry. To stay up to date on the sports investment space, sign up to our Investment Newsletter here.