They have spent decades playing in the shadow of their more illustrious neighbours, Manchester United.
Fans will be hoping the money will propel their team to the top
But now fans of Manchester City have suddenly found themselves in the position of supporting what is almost certainly the richest football club on the planet.
Manchester City made news last year when it was sold to the exiled Thai former Prime Minister, Thaksin Shinawatra.
Now he has sold it to a group of mega-rich businessmen from the United Arab Emirates.
One of Mr Thaksin's key aides says the main player in the purchase is Sheikh Mansour Bin Zayed Al Nahyan, a member of the royal family of Abu Dhabi. The family's wealth has been estimated to be around $1 trillion.
A lifelong City fan whose often poetic despatches on 'the beautiful game' will be familiar to World Service listeners around the globe is Stuart Hall.
The World Today's Mark Whitaker asked him whether, after referring to City's old ground, Maine Road, as 'the theatre of broken dreams', this was a dream come true.
First broadcast 2 September 2008