Man City stake sale breaks valuation record for a sports group | Financial Times:
Manchester City’s owner has agreed to sell a $500m stake to Silver Lake in a deal that breaks a record in sports valuations and fuels the football group’s international expansion.
The US private equity firm is buying more than 10 per cent of City Football Group at a valuation of $4.8bn, injecting new capital into the Abu Dhabi-controlled organisation that owns Manchester City and affiliated teams in the US and China.
On Wednesday, Silver Lake and CFG announced the deal, which was first reported by the Financial Times. “We and Silver Lake share the strong belief in the opportunities being presented by the convergence of entertainment, sports and technology,” CFG chairman Khaldoon Al Mubarak said in a statement. The companies said the transaction was subject to regulatory approval in some territories.
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