According to an exclusive report Financial Times on friday as reported evening standard, revealed all the details related to what the latter called one of “The biggest debt deals football has ever seen.”
City Football Group raised $ 650 million on Friday to step up its plans for global expansion in the world of football.
The organization already boasts 11 different clubs, including Premier League giants Manchester City, MLS superbrand New York City and Spanish second division club Girona.
Founded in 2013, ambitions of City Football Group is to expand participation in football on and off the pitch, find and develop the best football talent, and create an exciting and challenging game – in line with the mission statement on the company’s website.
According to the latest report, the loan, which exceeds the previous record set by FC Barcelona, has been signed by Barclays, HSBC and KKR Capital.
City Football Group suffered losses of £ 205 million during the pandemic, mainly due to the loss of spectators in stadiums, which affected the entire football community – hence the loss of match revenues.
IN Financial Times add that City Football Group’s interest in doing deals with UK and US institutions is largely driven by a desire to expand its access to finance and the growing interest of major banks in the football industry.
Similar moves by Tottenham have forced other leading English clubs such as Manchester United and Liverpool to catch up with Manchester City before they gain a foothold in the world of football.
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