Manchester City announce $400 million Chinese investment
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London - Manchester City said Tuesday it has agreed to sell just over 13 per cent of the club to a Chinese consortium for 400million dollars (377 million euros).
Premier League leaders City said the deal with the consortium, led by CMC (China Media Capital) Holdings, values City Football Group(CFG), which owns Manchester City, at 3 billion dollars.
"The capital from the share acquisition will be used by City Football Group to fund its China growth, further CFG international business expansion opportunities and further develop CFG infrastructure assets," a statement read.
CMC is China's leading media, entertainment, sports and Internet dedicated investment and operating company, the statement said.
The deal, which will see new shares issued in CFG, is subject to regulatory approval.
