According to various media reports, a Chinese consortium led by CMC Holding and CITIC Capital is set to buy a stake in City Football Group, which owns Manchester City FC, New York City FC and Melbourne City FC.As reported, Chinese investors have agreed to invest US$400m (around £265m) into CFG for over a 13% stake in the company.

Speaking about the partnership, Khaldoon Al Mubarak, Chairman of City Football Group 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. We will be working hard with our new partners to realise the potential that this deal creates."

On behalf of the investing consortium, CMC Chairman Ruigang Li said: "Football is now at a fascinating and critical stage of development in China.”

"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."

Source: Mirror.co.uk

Proofread by John Devlin.