Chinese consortium invest $400m in CFG
By Ric Turner, Tue 01 December 2015 08:37
Deal sees group take 13% stake
City Football Group (CFG) have today announced a $400m deal with a Chinese investment group, that will see the consortium take a 13% stake in CFG. Capital from the share acquisition will be used by CFG to fund its China growth and further ‘international business expansion opportunities’.
Khaldoon Al Mubarak, chairman of CFG, 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.
“Our partners have an incredible track record of creating value and could not be better placed to help us further evolve City Football Group. Our belief is that we now have an unrivalled platform to grow CFG, our clubs and companies both in China and internationally and we will be working hard with our new partners to realise the potential that this deal creates.”
The deal follows a visit to Manchester last month by the President of China, Xi Jinping, who toured City's stadium and new training facility.