Chinese investors pay $400 million for Manchester City stake

Football - Manchester City v Chelsea - Barclays Premier League - Etihad Stadium - 16/8/15 General view of Manchester City fans before the game Action Images via Reuters / Carl Recine Livepic

LONDON (Reuters) - Chinese investors are paying $400 million (£265 million) for a stake in the group that owns football clubs including England's Manchester City and New York City FC, the country's most significant overseas investment in the game.

The consortium is led by China Media Capital (CMC) Holdings and CITIC Capital and will take a stake of more than 13 percent in City Football Group. The deal values the Abu Dhabi-owned City Football Group at $3 billion, it said on Tuesday.