Since February of this year, it has been widely speculated that the City Football Group would start negotiations to initiate the takeover of Brazilian side, Bahia.
It has also been reported that the CFG were set to complete the acquisition of the Salvador-based club for a fee of around £104 million in three separate stages.
Another interesting revelation that emerged in April was that Bahia president, Guilherme Bellintani was in England to sort out the finer details to get a deal over the line, before an offer was planned to be presented to the club’s council soon after.
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Now, as part of new developments on the situation, it has now been revealed that the much-awaited takeover has been all but finalised.
As per a report by journalist Andre Hernan, as translated and relayed by Sport Witness, the City Football Group are finally set to complete the purchase of Bahia. Both sides now consider the deal as ‘done’, and neither party believes that there is any chance of the purchase ‘collapsing’ at such an advanced stage of the imminent takeover.
Further details suggest that officials from the relevant sides are now set to land in Salvador ‘in the coming days’ to ensure every remaining requirement is ‘completed'. Additionally, it has been stated that the contract to get the purchase past the finish line is ‘ready’ and is set to be signed in the next ten days.
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It has also been detailed that the Brazilian side plan to use their newfound resources by redeveloping their facilities, before moving on to making new signings as it is understood that they cannot simply win titles straightaway. As previously reported, Manchester City’s parent company have major ambitions with their takeover of Bahia, as they plan to put them in and amongst the six biggest clubs in Brazil.
Perhaps more interestingly, it has also been stated that the City Football Group also have their sights set on making the Brazilian outfit the second biggest club in their illustrious portfolio after the Premier League champions.
With Bahia’s City Football Group-led takeover set to be completed sooner rather than later, the Salvador-based outfit is set to become the 11th club that will be added to the holding company’s ownership.
Featured Image Credit: Rafael Cerqueira / AlamyTopics: Manchester City, Brazil, Premier League, Football