Manchester City group sells 13% to Chinese investors

 

Manchester City's parent company has been valued at $3bn (£2bn) after selling a 13% stake, worth £265m, to a consortium of Chinese investors.
City Football Group (CFG) has sold the stake to CMC (China Media Capital) and investment company Citic Capital.
It comes after six months of talks and is aimed at expanding CFG's interests in the Chinese football industry.
New shares will be issued in CFG in addition to those held by its owner, Abu Dhabi United Group (ADUG).

Chinese state visit

CFG is an investment and development company which is privately owned by Sheikh Mansour of the Abu Dhabi royal family. It also includes New York City FC, Melbourne City FC and Yokohama Marinos.
The move will offer the chance for Man City and the other group clubs to grow a fan base in East Asia, where there is huge competition between top clubs in Europe, and beyond, to build up supporter numbers.
The ultimate aim is to turn those football fans into customers of club products and services too.
The move follows a visit to Manchester in October by the President of China, Xi Jinping.
Ruigang Li, who founded and chairs both the Chinese firms, will represent their consortium by becoming the seventh CFG board membe