By Adam Williams, Finance & Governance Correspondent

5th May, 2023 | 7:00am

Sources: Man City owners to spend £80m as Brazilian deal agreed

Man City owners City Football Group have promised £80million in transfer funds to new acquisition Bahia, Football Insider has learned.

There are also plans to invest significantly in infrastructure and further develop the club’s scouting network, building on the work that has already been done with City Football Group in recent months.

The multi-club network’s takeover of the historic Salvador-based side, which has been covered extensively by this site, was agreed more than six months ago but has only recently been legally finalised.

But the two bodies have been working together in the intervening period, both on public-facing projects through social media and privately behind the scenes.

Now that the formalities have been concluded, City Football Group intends to accelerate the next phase of its plans for the club, which involves investment in the transfer market.

Around £80m has been reserved for new signings, although that sum will be split over a number of seasons.

The new owners intend to make Bahia a destination club rather than merely a satellite of Man City, echoing the approach of a swathe of new investors who have spied unrealised potential in the domestic Brazilian game.

They do not, however, want signing new players to come at the expense of developing young talent, a philosophy which has been at the centre of City Football Group’s operations at every one of their outposts.

Bahia are the 12th club in the group’s network and the second in South America after Uruguayan side Montevideo City Torque.

Bahia, who were promoted from the second tier last term, have taken three points from their opening three fixtures in this season’s Brazilian Série A.

In other news, Man City FFP update as Premier League to rip up the rulebook.