Manchester City moved a step closer to becoming one of the superpowers of world football on Tuesday after a Chinese consortium invested $400 million to buy 13 per cent of the club’s stake.
UAE’s Sheikh Mansour bin Zayed bin Sultan Al Nahyan bought the English outfit in and since then the club has expanded to create the City Football Group including teams in New York, Melbourne and Yokohama.
The investment comes after Chinese President Xi Jinping visited City during a four-day state visit to United Kingdom in October.
“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,” said Khaldoon Al Mubarak, the chairman of City Football Group.
“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.”
Sheikh Mansour, who was the sole shareholder of City Football Group before this latest deal, has ended The Citizens’ 44-year title drought by winning the English Premier League in 2012.