Man City receive $400m Chinese investment
Man City were purchased for £210m back in 2008 and the City Football Group has now sealed a $400 million (£265m) deal with Chinese investors for just a 13% stake in the company
The City Football Group, owners of Premier League leaders Manchester City, has announced a $400 million deal with a consortium of Chinese investors which now values the group at $3 billion.
The consortium, comprising media, entertainment, sports and internet operating company CMC Holdings and CITIC Capital, will take a shareholding of just over 13 per cent in CFG.
The huge numbers involved are put into sharper focus when it is considered that Sheikh Mansour bin Zayed Al Nahyan bought Manchester City for £210m in 2008, and has now attracted a £265m investment - at current exchange rates - for just 13% of the global enterprise.
Sheikh Mansour is no longer the sole shareholder, via his Abu Dhabi United Group, and Ruigang Li, chairman of CMC, becomes a member of the City Football Group board, which increases from six to seven members.
Along with Manchester City, the City Football Group owns and operates Major League Soccer franchise New York City and A-League outfit Melbourne City. It also has a stake in Yokahoma F. Marinos of Japan's J.League.
A statement on Manchester City's official website said that the deal with CMC Holdings "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."
Manchester City and City Football Group chairman Khaldoon Al Mubarak added: "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."