New York City FC's owner is looking to expand its global reach.
City Football Group (CFG) announced on Tuesday that it has sold a 13-percent stake to a number of Chinese investors, who are led by China Media Capital (CMC) Holdings. The deal values CFG at $3 billion.
CMC Holdings invested $400 million, and the deal is expected to help CFG clubs and companies – including NYCFC and English Premier League heavyweights Manchester City – grow in China and internationally.
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“Football is the most loved, played and watched sport in the world and in China, [and] the exponential growth pathway for the game is both unique and hugely exciting," said CFG chairman Khaldoon Al Mubarak, in a statement. "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 and we will be working hard with our new partners to realize the potential that this deal creates.”
The agreement between CFG and CMC Holdings is subject to regulatory approval in some territories.
