Chi­nese group buys stake in UK foot­ball club

China Daily (Canada) - - NEWS CAPSULE -

A Chi­nese con­sor­tium led by China Me­dia Cap­i­tal Hold­ings is in­vest­ing $400 mil­lion in the Abu Dhabi-based com­pany that owns Manch­ester City Foot­ball club, the top-ranked English Premier League team.

CMC, a Shang­hai-based pri­vate-eq­uity fund that owns the broad­cast rights to the Chi­nese Su­per League, is team­ing up with CITIC Cap­i­tal Hold­ings to buy 13 per­cent of City Foot­ball Group, which also owns New York City Foot­ball Club and Mel­bourne City Foot­ball Club, ac­cord­ing to a state­ment. The deal val­ues City Foot­ball at $3 bil­lion.

The deal was an­nounced just weeks af­ter Pres­i­dent Xi Jin­ping vis­ited Manch­ester City’s train­ing ground, where he posed for a selfie with play­ers.

“Foot­ball is now at a fas­ci­nat­ing and crit­i­cal stage of de­vel­op­ment in China,” CMC chair­man Li Ruigang said in the state­ment. “We see un­prece­dented growth op­por­tu­ni­ties in both its de­vel­op­ment as an in­dus­try, be­ing China’s most watched sport, and its in­spi­ra­tional role bring­ing peo­ple of all ages to­gether with a shared pas­sion.”

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