City Football Group is one step closer to adding another soccer club to its portfolio.

The Manchester City owner is set to acquire Brazilian club Esporte Club Bahia in a deal reportedly valued at $133.7 million. The pact for a 90% stake in the club was approved by Bahia’s members at their general assembly with 98.6% in favor. 

• Bahia was recently promoted to Campeonato Brasileiro Série A — Brazil’s top league.
• CFG has full or partial stakes in 13 soccer clubs including MLS’ New York City FC and Australia’s Melbourne City FC.
• The Bahia deal is expected to be finalized in early 2023. 

Silver Lake increased its existing stake in CFG, making the private equity firm its second-largest shareholder. Silver Lake bought an initial 10% stake for $500 million in 2019 and now owns 14.5% of the company.

A law passed last year allowing clubs in the country to seek outside investments, leading to a flurry of interest in other Brazilian teams, including Atletico Mineiro — which could sell a 51% stake for $208 million. 

Staying Busy 

In July, CFG completed its acquisition of an 80% stake in Italian club Palermo.

The deal for the Serie B club — Italy’s second-highest level of pro soccer — was reportedly worth between $13 million and $14 million.

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