City Football Group (CFG), the parent company for Premier League side Manchester City, has announced an investment of $400 million (£265 million) from a consortium of Chinese businesses.
City confirmed the investment, led by an operating company known as CMC (China Media Capital) Holdings, on their official website on Tuesday. It’s a deal that will see CMC take a 13 per cent stake in CFG, the holding company of which Manchester City, New York City FC and Melbourne City are subsidiaries.
In the statement from City, it’s noted there have been six months of discussions between the parties.