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A consortium of Chinese investors has bought a 13 percent stake in the parent company of Manchester City.
The City Football Group has sold the stake to a consortium of CMC and investment company CITIC Capital for $400million, although the deal is subject to regulatory approval in some territories.
City have been in talks with CMG for more than six months and it is hoped the deal will help increase City's popularity in China with funds set to be used to "further CFG international business expansion opportunities and further develop CFG infrastructure assets."
Khaldoon Al Mubarak, chairman of CFG, said in a statement: "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.
"Our partners have an incredible track record of creating value and could not be better placed to help us further evolve City Football Group. Our belief is that we now have an unrivalled platform to grow CFG, our clubs and companies both in China and internationally and we will be working hard with our new partners to realise the potential that this deal creates."
CMC chairman Ruigang Li added: "With its unique business model and distinct successes, City Football Group, whom we have come to know well, represents a differentiated systematic approach to building a global platform for football know-how, player development, academy programmes and commercial partnerships that will benefit China's football industry on multiple levels.
"We and our consortium partner CITIC Capital also see this investment as a prime opportunity for furthering the contribution of China to the global football family."