Eastern Promise for Eastlands
Manchester City's owners have sold a 13 per cent stake in the club's parent company to Chinese investors. The City Football Group, (CFG) parent company of the Blues has sold the stake to a consortium of China Media Capital) and investment company CITIC Capital. The investment of 400 million US dollars (£265million), follows six months of talks and is aimed at expanding CFG's interests in the Chinese football industry.
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.''