Manchester City's owners have announced that a Chinese consortium has bought a 13% stake in the organisation.
City Football Group, which was set up after club was bought by the Abu Dhabi ruling family, also currently own New York City FC and Melbourne City along with a minority stake in Yokohama F. Marinos.
The deal sees around €380million invested into the organisation by CMC Holdings and CITIC Capital and gives City the chance to expand into the Chinese market. The country is widely untapped by European teams, despite its population.
The City Football Group chairman, Khaldoon Al Mubarak 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.”
Manchester City currently are top of the Premier League and have qualified for the last 16 of the Champions League. They face Hull City in the quarter finals of the English League Cup this evening.
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