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Report: Manchester City Sell 10% Stake for $500 Million

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City have smashed sports team records.

FBL-ENG-PR-BRIGHTON-MAN CITY Photo credit should read GLYN KIRK/AFP via Getty Images

Manchester City’s owner has agreed to sell a $500m stake to Silver Lake,a U.S. investment firm, in a deal that breaks a record in sports valuations and fuels the football group’s international expansion (h/t FT).

The news broke late Tuesday night and an official announcement could be made today or tomorrow.

Per the report, “The US private equity firm is buying more than 10% of CFG at a valuation of $4.8bn, injecting new capital into the Abu Dhabi-controlled organisation that owns Man City and affiliated teams in the US and China, according to several people with knowledge of the deal.”

Khaldoon Al Mubarak and Silver Lake managing partner Egon Durban signed the deal on Saturday. CFG and Silver Lake declined to comment.

City have already reportedly ear marked the money for its use. The cash injection will help fund CFG’s expansion plans, including the acquisition of more football clubs globally, as well as the planned construction of a stadium in New York.

The $4.8 Billion valuation would make City the most valuable sports organization on the planet.

More as this story develops.....