Manchester City will become Manchester China! :)
The owners of the English club Manchester City, City Football Group (CFG), reported today that it has sold 13% stake in the company to Chinese investors for 400 million dollars (376 million euros).
The CFG, parent club in northern England company, sold its stake to the consortium formed by China Media Capital (CMC) and the investment company CITIC Capital.
The huge investment, which still needs the approval of the regulatory authorities has been reached after six months of talks and aims to expand the interests of the football world CFG in China, according to British media.
The agreement involves the issuance of new shares in CFG, along with those that are owned by Abu Dhabi United Group (ADUG), the investment company owned by Sheikh Mansour, the royal family of Abu Dhabi.
Before this investment, ADUG was the sole shareholder of CFG, it is Manchester City, the New York City FC, Melbourne City FC and a minority stake in Yokohama F. Marinos owner.
CMC president, Li Ruigang, represent the consortium in the CFG to become the seventh member of the committee.
"Football is more beloved sport, played and seen in the world and in China, the high growth path for the game is unique and exciting. That's why we worked hard to find the right partners," he said today President CFG, Khaldoon Al Mubarak.
Companies China Media Capital (CMC) and CITIC Capital, both state, purchased a 13% stake in Manchester City to the owner of the English club, the Sheikh Mansur Abu Dhabi, for 400 million dollars (377 million euros).
"With our partner CITIC Capital consider this investment as an opportunity to boost the contribution of China to the global football family," said CMC president, Li Ruigang.
The investment has yet to be approved by regulatory authorities and comes a month after the state visit of the President Xi Jinping to the UK.
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