A Chinese consortium is spending $400 million to take a 13-percent stake in the group that owns soccer clubs including Manchester City and New York City FC.
The consortium includes China Media Capital Holdings and CITIC Capital.
The City Football Group is valued at an estimated $3 billion.
As part of the deal, new shares will be issued in City Football Group in addition to ones owned by Sheikh Mansour's Abu Dhabi United Group.
The chairman of CMC will join the board of the City Football Group.
The capital from the share acquisition will be used by City Football Group to fund its China growth.
