CMC and CITIC buy 13% of City Football Group

The investors acquired their stake for $400m, with new CFG shares issued in addition to the ones held by investment company Abu Dhabi United Group, which was the sole shareholder prior to the investment.

The deal closed after six months of negotiations. CFG stated it will use the capital to fund its growth in China, boost business expansion opportunities and develop its infrastructure assets. The investors hope that CFG will help develop the Chinese football industry.

As part of the agreement, CMC chair Ruigang Li took a seat on CFG's board. The deal is still pending regulatory approval. 

Company
Founded in 2014 and based in Manchester, City Football Group is the owner of football clubs and businesses including Manchester City FC, New York City FC and Melbourne City FC. It is also a minority shareholder in the Yokohama F Marinos club.

People
Khaldoon Al Mubarak chairs CFG. Ruigang Li is the chair of CMC.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Expansion
• Consumer
• UK / Ireland
• United Kingdom