Buying in: Panoramic view of Manchester City’s Etihad Stadium in Manchester, England. A consortium including CMC is paying US400mil for a stake in the goup that owns Manchester City and New York City FC. CMC chairman Li (inset) will join the City Football Group board. – AP
LONDON: A consortium of Chinese investors is spending US$400mil to take a stake of more than 13% 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 includes China Media Capital (CMC) Holdings and CITIC Capital and the deal values the City Football Group at US$3bil, City Football Group said in a statement yesterday.
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