Ryan Browne/BPI/Shutterstock
MANCHESTER, England (AP) A U.S. private equity firm has bought a $500 million stake in the Abu Dhabi-controlled ownership group that runs Manchester City and other soccer clubs around the world.
City says in a statement that Silver Lake now owns just over 10% of City Football Group, of which the English champions are the flagship club. There are also partnership clubs in New York, Melbourne and Yokohama, among others.
CFG says the deal values the group at $4.8 billion. Silver Lake becomes the second major partner in the group, with a Chinese consortium owning 12% of the equity.