City Football Group, which owns several top clubs worldwide including English Premier League giants Manchester City, has pulled out of its association with Mumbai City FC amid uncertainty over the future of the Indian Super League, according to sources.
City Football Group said the decision followed a comprehensive commercial review and was shaped by the ongoing uncertainty surrounding the ISL.
The original points deduction meant Everton dropped from 14th in the standings into the relegation zone with four points. The club filed an appeal against the initial deduction, which they labelled "wholly disproportionate and unjust".
City's alleged breaches stretch from the 2009-10 season to the 2017-18 campaign, the league said on Monday.
City Football Group will be a 65 per cent majority stakeholder of the club, alongside existing shareholders, actor Ranbir Kapoor and Bimal Parekh, who will keep the remaining 35 per cent.
The Spaniard became the most successful foreign manager in the history of English football, after clinching his fourth Premier League crown.
Manchester City CEO Ferran Soriano said the group had been looking for years at soccer in India and the Indian Super League (ISL), which is currently in its sixth season.
City Football Group Chief Executive Officer Ferran Soriano said there is no doubt that India will become a major football nation in the coming years.
UEFA announced in a statement that City had committed "serious breaches" of the rules while the Premier League club swiftly said on their website that they will appeal the decision to the Lausanne-based Court of Arbitration for Sport (CAS).
ISL reallocates prize money, league stage winners to get Rs 3 crore more from this season.
Manchester City will attempt to overturn their two-year UEFA ban from European football when a three-day hearing at the Court of Arbitration for Sport in Switzerland begins on Monday. European soccer's governing body UEFA ruled in February that City had committed serious breaches of Financial Fair Play (FFP) regulations and failed to cooperate with its investigation, handing them a ban and a 30 million euro (24.9 million pounds) fine.
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Behind closed doors and with a raft of health safety measures in place, Indian Super League (ISL) will kick off in Bambolin on Friday and become the country's first major tournament to be organised since the enforcement of a COVID-19 lockdown eight months ago.
'There might be other opportunities in Asia. We've been looking at India for nearly two years now. I'd say this year we'll end up doing an investment in India'
Manchester City's Abu Dhabi-controlled owner has agreed to sell a $500 million stake to US private equity firm Silver Lake, making it the world's most valuable soccer group with a $4.8 billion price tag.
'I want this club to change, I want this club to be bigger than United'
'Football Leaks' documents, showing the two clubs had inflated sponsorship revenues to meet the requirements, were obtained by the German publication Der Spiegel.
Before the game, a few protesters handed out fliers outside the stadium where Man City played local outfit Kitchee.
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Former England midfielder Frank Lampard's decision to stay with Manchester City until the end of the season has "outraged" fans of Major League Soccer team New York City FC.
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City are looking to retain the title they won in record-breaking fashion last year and secure their fourth Premier League crown in eight years.
Chelsea manager Jose Mourinho has joked that he might make a bid to sign Liverpool captain Steven Gerrard on loan when he leaves for the United States at the end of the season.
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News of all that's transpired on and off the football field.
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