Manchester City have taken control of A-League club Melbourne Hearts in a deal reported to be worth about $11 million by Football Federation Australia.
City's United Arab Emirates-based owners will provide the bulk of the cash, while the deal also includes a 20 percent stake for the owners of Melbourne Storm.
According to the official report, the new owners won't make any major announcements before the A-League season ends.
"We are excited about the opportunity to make Melbourne Heart one of the most successful football clubs in Australia and throughout the region.
"We believe the strong sports culture of Melbourne combined with the football and commercial expertise within our consortium will make for a powerful combination both on and off the pitch."
-Ferran Soriano (CEO, Manchester City)
This is yet another step taken by City to improve their base in world football and the Sky Blues' second investment in a football club after having founded New York City Football Club in May 2013.
NYCFC will ply trades in the MLS from 2015 and is in partnership with the New York Yankees. City have also undertaken several projects over the last couple of years to improve their scouting and youth development systems, including the City Football Academy that will open in Manchester.