Council will send opinion within two months to club members so that they can vote on the proposal – Reproduction
On the night of last Friday (23), Bahia and the City Football Group (CFG) issued a joint statement to explain, especially to the team’s fans, the status of negotiations for a possible purchase of a large part of the club. by the group based in the United Arab Emirates.
The official proposal is the purchase of 90% of Bahia, with the remaining 10% continuing with the club’s membership. “If the proposal is approved by the Esquadrão’s competent governance bodies, the investment vehicle will be a Sociedade Anônima de Futebol (SAF) to be merged into Bahia, with City Football Group later joining as a shareholder in pursuit of developing a strategy term for Bahia”, reads the statement.
The purchase is subject to several approvals and also to processes inherent to the business, but, if approved, would settle the club’s debts. “Subject to all approvals and processes, the proposed investment would allow Bahia to repay all existing debt obligations and include a robust funding program to invest in players,” the statement continues.
As of Friday (23), the Bahia Council will have two months to send an opinion to the club’s members. After that, club members will be able to vote on the proposal at a General Assembly.
If the purchase is confirmed, the Brazilian team would become the first in the country to be part of the CFG and the 13th in the world. Currently, the list has Manchester City (Inglaterra), Palermo (Italy), Girona (Spain), New York City (United States), Melbourne City (Australia), Mumbai City (India), Lommel (Belgium), Troyes (France), Montevideo City Torque (Uruguai), Yokohama Marinos (Japan), Sichuan Jiuniu (China) and Bolívar (Bolivia), which is a partner club.
Read the full official statement below:
Esporte Clube Bahia and City Football Group confirmed today that CFG has submitted a proposal to acquire 90% Bahia, with the remaining 10% remaining with the club’s Association.
Guilherme Bellintani, president of Bahia, and Ferran Soriano, Executive Director of City Football Group, met with the tricolor board members to present the investment proposals.
If the proposal is approved by the Esquadrão’s competent governance bodies, the investment vehicle will be a Sociedade Anônima de Futebol (SAF) to be merged into Bahia, with City Football Group later joining as a shareholder in pursuit of the development of a long term for Bahia.
Priorities include strengthening the performance of men’s and women’s teams on the field and the base category system at all levels and ages, aiming to play first-rate football in Serie A of the Brazilian Championship and in continental competitions.
Ensuring financial sustainability, improving the club and its infrastructure, serving fans and social programs supporting the local community are key to CFG’s commitment to developing Bahia into a world-class football club for Brazil.
CFG and Bahia also confirmed that the Esquadrão’s identity, colors and anthem will not change.
Subject to all approvals and processes, the proposed investment would allow Bahia to repay all existing debt obligations and include a robust funding program to invest in players.
After today’s presentations, the Board will send an opinion within two months to club members so that they can vote on the proposal at a General Assembly.
Bahia would become the 13th club in the global City Football family, which has won national leagues in America, Australia, Bolivia, England and India in the past two years.
