Britain's Prime Minister David Cameron stands with President Xi Jinping during a visit to the City Football Academy in Manchester, Britain Oct 23, 2015. [Photo/Agencies]

A group of Chinese investors, headed by China Media Group, acquired a 13 percent stake in the company that owns Manchester City football club for $400 million, the club said in a statement today.

City Football Group, which owns the English Premiership club, said the move was intended to leverage the incredible potential that exists in China.

Chairman Kaldoon al Mubarak, said that in China "the exponential growth pathway for the game is both unique and hugely exciting.

"We have 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."

Chinese President Xi Jinping visited the Manchester City club in October during his state visit, and although he pronounced himself a fan of rivals Manchester United, he was present when Sun Jihai, the Chinese defender who played for City between 2002 and 2008, was inducted into the Manchester-based National Football Museum Hall of Fame.

Negotiating the deal took six months and CFG intends using the money for a variety of China-based initiatives.

New shares will be issued to cover the Chinese consortium's 13 percent stake. CMC is being joined by China's CITIC Capital and CMC chairman, Ruigang Li, will join the seven-man City club board of directors.

The deal values City Football Group at $3 billion.

To contact the reporter: chris@mail.chinadailyuk.com