Man City Owners Secure $650 Million Loan To Grow Global Football Business

The owners of Manchester City, the Abu Dhabi group, have landed a record breaking debt deal, according to the latest reports.
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As per an exclusive report from the Financial Times on Friday, as relayed by the Evening Standard, has revealed all the details surrounding what the latter have labelled as one of 'the biggest debt deals football has ever seen.'

On Friday, the City Football Group raised a reported $650 million to step up their global expansion plans in the world of football. 

The organisation already boasts 11 different clubs, including the likes of Premier League giants Manchester City, MLS super-brand New York City FC, and Spanish second division club Girona FC. 

Established in 2013, the City Football Group's ambition is to increase participation in football on and off the field, to find and develop the best footballing talent, and to deliver an exciting and forward playing game - as per the mission statement on the business' website.

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The loan - which tops the previous record set by FC Barcelona - is underwritten by Barclays, HSBC, and KKR Capital, according to the latest report.

During the pandemic, the City Football Group suffered a loss of £205 million, mainly down to the loss of spectators at stadiums, which impacted the entire football community - hence a loss in match-day revenue.

The Financial Times add that the City Football Group's interest in doing a deal with UK and US institutions is mainly due to a desire to increase its access to finance and the increasing interest mainstream banks have in the football industry.

Similar moves from the likes of Tottenham have put pressure on other top English clubs, such as Manchester United and Liverpool, to catch up to Manchester City before they establish themselves further in the world of football.

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