The owner of English Premier League champions Manchester City is selling a $500 million stake to private equity firm Silver Lake, valuing the club's owner at $4.8 billion, the Financial Times reported on Wednesday, citing people with knowledge of the deal.
Silver Lake is buying over 10% of Abu Dhabi-controlled City Football Group (CFG), the newspaper reported, adding that an official announcement was expected as early as Wednesday.
The deal was signed on Saturday by CFG Chairman Khaldoon Al Mubarak and Silver Lake managing partner Egon Durban, according to the FT. The report added that Abu Dhabi aims to retain its majority ownership of CFG.