Manchester City is the principal club in a growing portfolio across the globe for CFG, which was established a decade ago.
CFG has now added Salvador-based Bahia, announcing on Thursday they had acquired 90 per cent of the club with the remaining portion continuing to be held by Esporte Clube Bahia.
Ferran Soriano, chief executive of CFG, said: “We now begin a journey as partners to help the club reach its full potential while staying true to its community, roots, members and the energy that makes Bahia and Brazilian football some of the most exciting in the world.
“City Football Group will bring all its experience, know-how, technology and passion to support Bahia on this journey.”
Bahia become the third South American club that form part of CFG, joining Montevideo City Torque in Uruguay and partner club Bolivar in Bolivia.
Manchester City, New York City FC, Melbourne City, Yokohama F. Marinos, Girona, Sichuan Jiuniu, Mumbai City, Lommel, Troyes and Palermo complete the list.
Former Manchester City forward Jo sparked backlash after wearing light green boots in Sunday's goalless draw away to Bahia in the Campeonato Brasileiro Serie A.
After Corinthians fans were left outraged, the club sanctioned and warned the former Brazil international, who is prohibited from wearing the boots again, even in training.
"Sport Club Corinthians Paulista's football board communicates that they spoke with striker Jo about the use of football boots in the match against Bahia, this Sunday," a statement read.
"The player was warned, fined and will not wear them again, neither in training or in games."
Jo, who emerged from Corinthians' youth team in 2003 before going on to play for the likes of CSKA Moscow, Everton and Galatasaray, issued an apology.
"I would never use green boots because of my history with Corinthians, a club I have loved since I was little," the 34-year-old said in a statement via Veja.
"I would never disrespect Corinthians, much less the fans. I have always honoured this shirt and I always will honour it."
Corinthians and Palmeiras share one of the fiercest and oldest rivalries in Brazilian football – the Paulista derby.
The Paulista derby is ranked among the 10 greatest derbies in world football.
Palmeiras are fourth in the Campeonato Brasileiro Serie A through five games this season, five points better off than 11th-placed Corinthians.
Corinthians last won the Campeonato Brasileiro Serie A in 2017, while Palmeiras – winners in 2018 – conquered the Copa Libertadores last year.
