- Associated Press - Tuesday, December 1, 2015

MANCHESTER, England (AP) - Abu-Dhabi owned Manchester City says a Chinese consortium is investing $400 million to buy 13 percent of the Premier League club’s umbrella organization in a deal that values the business at $3 billion.

Sheikh Mansour bin Zayed bin Sultan Al Nahyan bought Man City in 2008 and since then the club has expanded to create the City Football Group including teams in New York, Melbourne and Yokohama.

City says China Media Capital Holdings and CITIC Capital are investing in the group after six months of talks and the deal remains “subject to regulatory approval in some territories.”

The investment comes after Chinese President Xi Jinping visited City during a four-day state visit to Britain in October.

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