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A Chinese investment group has bought a 13 percent stake of City Football Group for a reported $400 million.
The Man City owners announced the deal with China Media Capital on Tuesday, posting the following message on mcfc.co.uk:
“City Football Group today announced a partnership with a consortium of high profile Chinese institutional investors led by China’s leading media, entertainment, sports and internet dedicated investment and operating company CMC (China Media Capital) Holdings.
“The deal will create an unprecedented platform for the growth of CFG clubs and companies in China and internationally, borne out of CFG’s ability to provide a wealth of industry expertise and resources to the rapidly developing Chinese football industry.”
City chairman Khaldoon Al-Mubarak commented the The Guardian on the deal.
“Football is the most loved, played and watched sport in the world and in China, the exponential growth pathway for the game is both unique and hugely exciting. We have therefore worked hard to find the right partners and to create the right deal structure to leverage the incredible potential that exists in China, both for CFG and for football at large.
“Our partners have an incredible track record of creating value and could not be better placed to help us further evolve City Football Group. Our belief is that we now have an unrivaled platform to grow CFG, our clubs and companies both in China and internationally, and we will be working hard with our new partners to realize the potential that this deal creates.”
In addition to owning Manchester City, CFG owns New York City FC in MLS and Melbourne City FC in the A-League, along with a minority holding in Yokohama F Marinos in the J-League.