Manchester City's parent company announces £265m investment from China

Manchester City's parent company City Football Group has announced that it will receive a £265m investment from China Media Capital.

The deal, which was agreed following six months of discussions, has resulted in the Chinese consortium taking a stake of just over 13% in City Football Group.

City's official website claims that the investment will be used to "fund its China growth, further CFG international business expansion opportunities and further develop CFG infrastructure assets".

City Football Group chairman Khaldoon Al Mubarak said: "Football is the most loved, played and watched sport in the world and in China, the exponential growth pathway for the game is 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 and for football at large."

CFG is the parent company of Manchester City, New York City FC and Melbourne City, while it also has a minority share in Yokohama F Marinos in Japan.