Chinese group buys stake in UK football club
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.”