Manchester City's owners have sealed a $400 million deal with Chinese investors that secures a 13 per cent stake in the City Football Group.
The City Football Group, owners of Premier League leader Manchester City, has announced a $400 million deal with a consortium of Chinese investors led by media, entertainment, sports and internet operating company CMC Holdings.
Under the agreement, the consortium of CMS Holdings and CITIC Capital will take a shareholding of just over 13 per cent in the City Football Group. The deal values the group at $3 billion.
Ruigang Li, chairman of CMC becomes a member of the City Football Group board, which increases from six to seven members.