A consortium of Chinese investors is paying $400 million (£265m, AUS $549m) to take a 13 percent stake in the parent company of Premier League side Manchester City, MLS franchise New York City FC and A-League club Melbourne City.
City Football Group is valued at $3 billion in the deal struck with China Media Group (CMG) Holdings, described as China's premier media, entertainment, sports and internet dedicated investment company.
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CMG hope to increase City's popularity in China, where the former...