- Title: Chinese investors pay $400 million for Manchester City group stake
- Date: 1st December 2015
- Summary: HONG KONG, CHINA (FILE - JULY 22, 2013) (REUTERS) ***WARNING CONTAINS FLASH PHOTOGRAPHY*** MANCHESTER CITY FANS WAITING AT HONG KONG INTERNATIONAL AIRPORT SIGN, READING (English): "M.C.F.C. WELCOME TO HONG KONG" FANS AT AIRPORT MANCHESTER CITY HONG KONG SUPPORTERS CLUB FLAGS ON DISPLAY VARIOUS OF FANS GREETING PLAYERS ARRIVING VARIOUS OF KOMPANY SIGNING AUTOGRAPHS VARIOUS OF HONG KONG SCHOOL CHILDREN WAVING MANCHESTER CITY FLAGS
- Embargoed: 16th December 2015 09:58
- Keywords: Manchester City China investment CMC Holdings
- Location: VARIOUS
- City: VARIOUS
- Country: United Kingdom
- Topics: Soccer,Sport
- Reuters ID: LVA0043C0TZCV
- Aspect Ratio: 16:9
- Story Text: A consortium of Chinese investors is spending $400 million to take a stake of more than 13 percent in the group that owns soccer clubs including Manchester City and New York City FC, expanding the country's financial involvement in the game.
The consortium, including China Media Capital (CMC) Holdings and CITIC Capital, announced the deal on Tuesday (December 1). The City Football Group is valued at an estimated $3 billion.
As part of the deal, new shares will be issued in City Football Group in addition to those owned by Sheikh Mansour's Abu Dhabi United Group.
Ruigang Li, the chairman of CMC, will join the board of the City Football Group.
The capital from the share acquisition will be used by City Football Group to fund its China growth, further international business expansion opportunities and on infrastructure.
Khaldoon Al Mubarak, Chairman of City Football Group, said:
"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."
Investment from Sheikh Mansour has transformed the fortunes of Manchester City since 2008 and the club won the English Premier League in 2012 and 2014.
As part of its international expansion, City Football Group now also includes New York City FC, Melbourne City FC and a stake in Japan's Yokohama F. Marinos.
Chinese property conglomerate Dalian Wanda this year bought a 20 percent stake in Spanish club Atletico Madrid. - Copyright Holder: FILE REUTERS (CAN SELL)
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