David Villa, left, and Andrea Pirlo are two of the star names playing for New York City - the MLS franchise created by City Football Group

Manchester City’s billionaire owners will explore the possibility of buying a Chinese football club as part of their ambitious global expansion plans, The Times has learnt.

It was announced yesterday that the City Football Group (CFG), the umbrella organisation that comprises the Barclays Premier League leaders, New York City, Melbourne City and a minority shareholding in Yokohama F Marinos, has sold a 13 per cent stake in the company to Chinese investors for $400 million (about £265 million).

The deal with China Media Capital (CMC), a leading private equity firm specialising in sports, media and entertainment, and CITIC Capital, an investment company, is the product of more than six months of talks and values City and its sister clubs at $3 billion.

It makes City