Etihad stadium

The group that owns Manchester City Football Club has sold a 13% stake worth $400 million to two Chinese investors.

City Football Group (CFG), which also operates New York City Football Club and Melbourne City Football Club, has sold the £265m worth of shares to CMC (China Media Capital) and Citic Capital after six months of negotiations.

It is part of CFG's plan to increase its profile in Asian football. In addition to the Manchester City, New York City and Melbourne City, CFG's also bought a 20% stake in Japanese club, Yokohama F. Marinos.

"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," said Khaldoon al-Mubarak, chairman of CFG.

"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."