Football: Chinese consortium becomes partner in Man City

BEIJING

English Premier League giants Manchester City announced on their website Tuesday that 13 percent of their shares had been sold to a Chinese consortium for $400 million.

Club chairman Khaldoon Al Mubarak was quoted as describing "the exponential growth pathway for the game" in China as "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 [Manchester City Football Group] and for football at large," he added.

The Hong Kong-based South China Morning Post reported that investors had agreed to pay 265 million pounds ($400 million) for the share in Manchester City’s parent company -- the first major move by Chinese firms into the Premier League.

Under the terms of the deal, City’s owner, Emirati billionaire Sheikh Mansour bin Zayed Al Nahyan, has sold a 13 percent share for the same amount that he spent purchasing the entire club seven years ago.

The Chinese firms involved in the deal are CMC Holdings -- a media, entertainment, sports and Internet firm -- and investment company CITIC Capital.

In a statement released by Manchester City, CMC Chairman Ruigang Li said that the sport “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," he added.

After years playing second fiddle to its more renowned neighbor, Manchester United, City has risen to become one of the most prolific clubs in the UK and Europe.

Under Mansour's ownership, the team won the 2011-12 Premier League, in the process securing the title of winners of the top tier in English football for the first time in 44 years.

They won the title again in the 2013-14 season.

In addition to winning the league, Mansour has also financed the purchase of some of the most expensive players in the Premier League.

In the summer of 2015, the club signed 24-year-old Belgian attacking midfielder Kevin De Bruyne from Germany’s Wolfsburg for 74 million euros, with 20-year-old English winger Raheem Sterling soon following from Liverpool for 62.5 million euros.