India, Dec. 27 -- Mumbai City FC on Friday confirmed that City Football Group, which held a majority stake in the club, has divested its entire shareholding to the founding partners of the Indian Super League franchise in the wake of the uncertainty over the ISL's future. City Football Group owns several top clubs worldwide including English Premier League giants Manchester City. The Mumbai-based ISL side's full ownership will now return to the founding partners, Bollywood actor Ranbir Kapoor and businessman Bimal Parekh.

"Mumbai City FC (the Club) can confirm that City Football Group Limited (CFG) has divested its shareholding in the Club. The founding owners will assume full control of the organisation moving forward," the club said in...