Manchester City owner draws $500 million investment from private equity firm Silver Lake For the latest business news, follow ReutersBiz
PARIS/LONDON - Manchester City’s Abu Dhabi-controlled owner has agreed to sell a $500 million stake to U.S. private equity firm Silver Lake, making it the world’s most valuable soccer group with a $4.8 billion price tag.
The investment crowns a rags to riches story for Manchester City over several decades which spent much of the 1990s in the doldrums but then broke into the big league of world soccer with the help of Middle Eastern cash. CFG, which also owns or part owns New York City FC, Melbourne City FC, Yokohama F. Marinos in Japan, Club Atletico Torque in Uruguay, Girona FC in Spain and Sichuan Jiuniu FC in China, said none of its existing shareholders were selling equity stakes as part of the Silver Lake deal.
Silver Lake, based in Menlo Park, California, helped Michael Dell take the PC maker he founded private in 2013, and has invested in Chinese e-commerce giant Alibaba, U.S. chip maker Broadcom and global sports talent agency IMG.
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