The parent company of Manchester City, the City Football Group (CFG), confirmed on Wednesday that it has purchased Chinese club Sichuan Jiuniu FC.
As Jamie Jackson of the Guardian relayed, it is the seventh football club to be purchased under its umbrella, and the first from China.
In a statement, it's noted the purchase has been jointly made by CFG, Ubtech—which specialises in AI and robotics—and China Sports Capital, which is a fund established by CFG in partnership with Sequoia China in 2017.
Ferran Soriano, who is chief executive of CFG, said "today marks an exciting new chapter in the growth of City Football Group" and noted that China represents "an extremely important football market, which we have been focused on for some time.