Lommel SK became the latest club to be acquired by the City Football Group (CFG).
CFG, headed by Abu Dhabi United, was founded in 2014 after Sheikh Mansour took over Manchester City in 2008.
Since completing that acquisition and turning City into the dominant force in the Premier League, CFG has taken over Melbourne City, Montevideo City Torque, New York City, Mumbai City and Girona.
Additionally, CFG also has stakes in Sichuan Jiuniu and Yokohama F. Marinos.
The Group has now expanded into Belgium, taking over the second-tier club renowned for a "strong academy and focus on youth development".
Ferran Soriano, CFG's chief executive, said: "We are excited to welcome Lommel SK to City Football Group and to work together with the fans and the city to develop the club.
"Belgium is one of Europe's best football countries as demonstrated by the success of the national team and the development of world-class players, some of whom we know very well, like Kevin De Bruyne and Vincent Kompany.
"This investment is part of our long-term strategy to be present in key football countries, play beautiful football and develop talent.
"We were attracted to Lommel's culture, training facilities and commitment to youth development and we look forward to learning from their approach and helping the club to evolve in the months and years ahead."