Manchester City sell 10% stake in club for $500 million
The City Football Group is now valued at $4.8billion after selling a lucrative stake to technology investment firm Silver Lake.
With television rights continuing developing, it seems the bubble bursting on the Premier League is still some time away. And Manchester City's owners have received a $500 million cash injection from a United States-based private equity firm.
US firm takes 10% of Man City
An agreement has been reached that will see technology investors Silver Lake pay the sum, equivalent to around £390 million, to acquire just over 10 per cent of City Football Group (CFG).
The deal values the Abu Dhabi-controlled company at $4.8billion (£3.74billion).
Silver Lake becomes CFG's second major partner, following a Chinese consortium led by China Media Capital that purchased around 12 per cent in December 2015.
According to a statement from CFG, the investment will "fund international business growth opportunities and develop further CFG technology and infrastructure assets".
Group chairman Khaldoon Al Mubarak said: "Silver Lake is a global leader in technology investing, and we are delighted by both the validation that their investment in CFG represents, and the opportunities for further growth that their partnership brings.
"We and Silver Lake share the strong belief in the opportunities being presented by the convergence of entertainment, sports and technology and the resulting ability for CFG to generate long-term growth and new revenue streams globally."
CFG purchased Premier League side City in 2008 and has built the club into English football's dominant force.
Manager Pep Guardiola guided an expensively assembled squad to a second successive top-flight title last term, the club's fourth Premier League trophy success in eight seasons.
CFG also owns or has shares in MLS side New York City, A-League club Melbourne City, Girona in Spain, Uruguayan outfit Club Atletico Torque, J.League leaders Yokohama F. Marinos and China League Two team Sichuan Jiuniu.
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