The City Football Group, owners of Premier League leader Manchester City, has announced a $400 million deal with a consortium of Chinese investors led by media, entertainment, sports and internet operating company CMC Holdings.

Under the agreement, the consortium of CMS Holdings and CITIC Capital will take a shareholding of just over 13 per cent in the City Football Group. The deal values the group at $3 billion.

Ruigang Li, chairman of CMC becomes a member of the City Football Group board, which increases from six to seven members.

Along with Manchester City, the City Football Group owns and operates Major League Soccer team New York City FC and A-League team Melbourne City. It also has a stake in Yokahoma F. Marinos of Japan's J.League.

A statement on Manchester City's official website said that the deal with CMC Holdings "will create an unprecedented platform for the growth of CFG clubs and companies in China and internationally, borne out of CFG's ability to provide a wealth of industry expertise and resources to the rapidly developing Chinese football industry."

Manchester City and City Football Group chairman Khaldoon Al Mubarak added: "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.  

"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."