A consortium of Chinese firms is investing US$400 million for a minority stake in the parent company of England’s Manchester City football club.
The consortium, which is led by China Media Capital (CMC) Holdings and CITIC Capital, will acquire stake of more than 13 percent in City Football Group, Reuters reported Tuesday.
The deal involves the issue of new shares in City Football Group in addition to those owned by Sheikh Mansour’s Abu Dhabi United Group, according to the report.
Investment from Sheikh Mansour has transformed the fortunes of Manchester City since 2008, and the club won the English Premier League in 2012 and 2014.
Ruigang Li, chairman of state-backed CMC, will join the board of the City Football Group.
“Football is now at a fascinating and critical stage of development in China,” he said in a statement.
“We see unprecedented growth opportunities in its development as an industry, being China’s most watched sport.”
The capital from the share acquisition will be used by City Football Group to fund its China growth, further international business expansion opportunities and on infrastructure.
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