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Verstappen finished second while seven-time world champion Lewis Hamilton was third.
The Big Six in have all been busy with many high profile exits and entries on the horizon.
The GP was halted after a first-lap crash followed by track invasion.
A surprise candidate to top Group B could be the US, coming off a CONCACAF Gold Cup win as well as a slew of excellent displays since then.
The 24-year-old Dutch driver took his 26th career win 0.9 of a second ahead of Spaniard Sainz, who closed the gap and set up a thrilling final chase thanks to a safety car deployment.
City did not provide financial details of the deal but German media reported that the total cost of buying Haaland could exceed 300 million euros ($314.22 million), including his salary, agent fees and bonuses.
Mexican Sergio Perez, winner of the previous race in Monaco, was second on the streets of Baku.
The Brazilian defender is the most decorated player in Real's 120-year history, picking up his 25th trophy with the club as they beat Liverpool 1-0 in the Champions League final on Saturday.
The Mexican's teammate Max Verstappen finished third to stretch his Formula One championship lead over Leclerc.
The win ahead of Mexican team mate Sergio Perez completed a hat-trick for Verstappen.