Manchester City's parent company has agreed a deal for Belgian second-tier outfit Lommel SK.
They are the ninth club to join the City Football Group (CFG), which has stakes in teams playing in the United States, Japan, Australia and China, among others.
As BBC Sport reported last week, CFG will wipe out the club's £1.75m debt as part of the deal.
Man City’s owner, Abu Dhabi United Group, has a majority stake in CFG.
Significant stakes are also held by American and Chinese organisations.
Lommel were sixth in the table when the Belgian season was ended because of the coronavirus pandemic. They play at the 8,000-seater Soevereinstadion in the north east of the country.
CFG's most recent purchase was Indian Super League side Mumbai City FC in November last year.
"Belgium is one of Europe's best football countries as demonstrated by the success of the national team and the development of world-class players, some of whom we know very well, like Kevin de Bruyne and Vincent Kompany," said CFG chief executive Ferran Soriano.
"This investment is part of our long-term strategy to be present in key football countries, play beautiful football and develop talent.
"We were attracted to Lommel's culture, training facilities and commitment to youth development and we look forward to learning from their approach and helping the club to evolve in the months and years ahead."
CFG owned/part-owned clubs:
- Manchester City
- New York City
- Melbourne City
- Yokohama F Marinos
- Montevideo City Torque
- Sichuan Jiuniu
- Mumbai City