Chinese consortium invests in Manchester City
A number of high-profile Chinese institutional investors, led by China Media Capital (CMC) Holdings, has partnered with City Football Group (CFG), the owners of Manchester City.
CMC is joined by CITIC Capital and will take a stake of around 13 per cent in CFG, which also owns New York City FC.
The investors hope the partnership will expand football awareness in China, with the venture costing around US$400 million and CFG valued at around US$3 billion.
Manchester City has already reaped the benefits of foreign investment, with its fortunes transformed following significant investment from Sheikh Mansour in 2008.
Khaldoon Al Mubarak, chairman of CFG, commented: “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.
“Our belief is that we now have an unrivalled platform to grow CFG, our clubs and companies, both in China and internationally, and we will be working hard with our new partners to realise the potential this deal creates.”