Manchester City's owners, City Football Group (CFG) have once again added to their extensive portfolio of after acquiring French second division football club Troyes AC, making them their tenth football club.
CFG announced on Thursday that they have become the new majority shareholder of Ligue 2 club, Troyes AC who finished fourth last season, before the league was suspended . The club won the Intertoto Cup in 2001 and from their most recent audit, are estimated to be valued between €7 million (US$9.97 million) and €10 million (US$11.39 million).
French businessman, Maxime Ray, will also be sat on the board of directors who has obtained a minority stake under the new ownership.
CFG’s chief executive, Ferran Soriano says, “We have had an interest in French football for some time and have long admired ESTAC [Troyes], so we are delighted to have completed the acquisition of our tenth club and have a permanent presence in France.
“This is a milestone for City Football Group and demonstrates how our model continues to adapt and grow in a relatively short space of time.
“At City Football Group, our objective remains to play beautiful football, identify and develop grassroots talent and have a permanent presence in the world’s football centres.
“There is no doubt that France is one of the top football countries in the world and we are proud to be part of that community.
“We look forward to getting to know our new home and the club’s fans and working together to create a bright future for ESTAC. We would also like to thank Mr Masoni for all his contributions to the club.”
Troyes is the tenth football club to join CFG’s portfolio which includes: Manchester City (England), New York City FC (United States), Melbourne City (Australia), Mumbai City FC (India), Lommel SK (Belgium), Sichuan FC (China), Girona FC (Spain), Montevideo City Torque (Uraguay), and Yokohama F Marinos (Japan).
Author: James Parker