The Brazilian soccer league LIBRA is in discussions to sell a stake to Mubadala Capital in the United Arab Emirates, according to an announcement.

“After a competitive process managed by Banco BTG Pactual and Codajas Sports Kapital, an assembly of LIBRA on November 7 approved exclusive negotiations with Mubadala Capital”, the league said. Representatives of soccer clubs voted on the assembly. 

According to media reports, Mubadala plans to invest approximately $971 million for a 20% interest.

Brazilian publication O Globo previously reported on the value and stake amount. The facts of the arrangement were not immediately addressed by Mubadala or the league.

The Brazilian club Esporte Clube Bahia received a $190 million offer in September from City Football Group (CFG), the owner of the English Premier League soccer team Manchester City.

Sheikh Mansour bin Zayed Al Nahyan of Abu Dhabi is the company’s majority owner. Its offer for Bahia includes the right to purchase an extra 5% of the team.

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