Chinese firms China Media Capital Holdings and Citic Capital Holdings Ltd. had invested $400 million (£265 million) to buy a 13 percent stake on City Football Group, the corporation that owns football clubs Manchester City FC, New York City FC, and Melbourne City FC.

The Guardian noted that the move was "the latest step in CFG's strategy to acquire a global presence" especially in the fast-growing Chinese football market.

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"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," CFG chairman Khaldoon al-Mubarak said.

"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."

The deal came after China president Xi Jinping visited the Etihad Stadium, City's home field, in England last October during his four-day state visit to the country. It was also during Xi's visit that former City defender Sun Jihai, now playing for Chinese Super League's Chongqing Lifan, was inducted to the National Football Museum Hall of Fame based in Manchester.

"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," Mubarak added.

Xinhuanet reported that "the deal will see new shares issued in City Football Group in addition to the ones held by the Abu Dhabi United Group", which was the former sole shareholder of CFG.

China Media Capital chairman Li Ruigang is reportedly going to represent the Chinese firms on the board of CFG moving forward.

TagsChina sports news 2015, Manchester City, China Media Capital Holdings, Citic Capital Holdings Ltd.