Chinese consortium buys stake in owner of Manchester City
A Chinese consortium led by China Media Capital Holdings is investing $400 million in an 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 on Tuesday. The deal values City Football at $3 billion.
CMC is chaired by Li Ruigang, who has led group investments including a stake in IMAX China Holding Inc, and tie-ups with DreamWorks Animation SKG Inc and Warner Brothers by the fund focused on media content and sports events.
