City Football Group has sold a 13 percent stake in their company to a group of Chinese investors for $400 million.

City Football Group is valued at $3 billion in the deal struck with China Media Group (CMG) Holdings.

Manchester City, New York City FC and Melbourne City are owned by City Football Group.

Khaldoon Al Mubarak, chairman of CFG, said in a statement: "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.

"Our partners have an incredible track record of creating value and could not be better placed to help us further evolve City Football Group. Our belief is that we now have an unrivalled platform to grow CFG, our clubs and companies both in China and internationally and we will be working hard with our new partners to realise the potential that this deal creates."