On the ball: Manchester City stake sale puts group's value at $4.8bn
The Manchester City soccer team's owner agreed to sell a stake to private equity firm Silver Lake in a deal that values the group at $4.8bn (€4.3bn), one of the highest prices ever for a professional sports organisation.
Silver Lake will pay $500m for a stake of just over 10pc in City Football Group, the group and the Menlo Park, California-based investor said in a joint statement yesterday. The agreement shows global demand for professional sports teams, fuelled by surging revenue from sales of television rights, is drawing professional investors like Silver Lake and driving up prices.
The firm has about $43bn under management and is ploughing more into sports and entertainment, including an investment in Endeavor Group Holdings, which runs sports leagues, hosts fashion events and represents top athletes and entertainers.
City Football Group plans to use funds to expand its business overseas and develop technology and infrastructure assets. Abu Dhabi United Group remains the majority shareholder.
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