24 Jan 2014

Manchester City buy out Melbourne Heart

11:16 am on 24 January 2014

The English Premier League football club Manchester City, in partnership with a group of owners of NRL side the Melbourne Storm, have acquired A-League franchise the Melbourne Heart.

The new ownership group says it won't be making any major announcements until mid-2014, out of respect for the coaching staff and players.

The takeover is believed to be worth around $11 million, giving City a controlling share of 80 per cent and minority shareholders the Storm a 20 per cent stake.

City's investment follows last year's establishment of the New York City Football Club, which will enter the Major League Soccer competition in 2015.