Manchester United close in on £2.5bn Chinese investment

In keeping with the North of England’s increasingly strong economic ties with China, Manchester United could be on the cusp of receiving a £2.5bn boost from Chinese investors.

The Daily Star has reported that, according to Chinese newspaper Titan, state-owned firm CITIC Capital is preparing to acquire a minority stake in United and has already made a formal approach.

However, a CITIC Capital spokesperson told the South China Morning Post that the firm is not planning to buy a stake in the club.

Titan reported that members of the Glazer family, which currently owns Manchester United, do not intend to give up their 67% controlling interest in the Premier League club and are prepared instead to sell a stake in the business.

While CITIC Capital’s investment would not give the firm any control, the firm reportedly wishes to arrange friendly matches in China, promote the United brand in the Far East and secure training facilities for China’s national team.

The news follows Chinese President Xi Jinping’s visit to Manchester, which saw the leader taken on a tour of rivals Manchester City’s grounds.

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