Manchester City Football Club’s parent company has sold a 13 per cent stake to Chinese investors.
A consortium led by China Media Capital and CITIC Capital will pay $400m for the stake in City Football Group, which also owns Melbourne City and New York City football clubs, and a stake in Japan’s Yokohama F. Marinos. The agreement values CFG at $3bn, according to a company statement on Tuesday.
CFG chairman Khaldoon Al Mubarak said the company had worked for months to secure the right deal that would help them tap into the “incredible potential that exists in China”.
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