Manchester city owners have sold a 13 per cent stake
in the club's parent company to Chinese investors.
The City Football Group
(CFG), parent company of the two-time Premier League champions, has sold the
stake to a consortium of CMC (China Media Capital) and investment company CITIC
Capital.
The investment of
$400million (£265million), which is subject to regulatory approval in some
territories, follows six months of talks and is aimed at expanding CFG's
interests in the Chinese football industry.
The deal sees new shares
issued in CFG in addition to those owned by the Abu Dhabi United Group (ADUG),
the investment and Development Company privately owned by Sheikh Mansour of the
Abu Dhabi royal family.
Prior to the investment
ADUG was the sole shareholder of CFG which owns Manchester City, New York City
FC, Melbourne City FC and is a minority shareholder in Yokohama F. Marinos.
CMC chairman Ruigang Li
will represent the consortium at CFG by becoming its seventh board member.
Khaldoon Al Mubarak,
chairman of CFG, said: "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."
Li said: "With its
unique business model and distinct successes, City Football Group, whom we have
come to know well, represents a differentiated systematic approach to building
a global platform for football know-how, player development, academy programmes
and commercial partnerships that will benefit China's football industry on
multiple levels.
"We and our
consortium partner CITIC Capital also see this investment as a prime
opportunity for furthering the contribution of China to the global football
family."
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