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Chinese investors pay $400 million for Manchester City stake

Manchester City's David Silva in action Reuters / Phil Noble Livepic (Reuters)

LONDON (Reuters) - A consortium of Chinese investors is investing $400 million to take a stake of more than 13 percent in the group that owns soccer clubs including Manchester City and New York City FC. The consortium includes CMC Holdings and CITIC Capital and the deal values the City Football Group at $3 billion, City Football Group said in a statement on Tuesday. 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. (Reporting by Keith Weir; editing by Jason Neely)