City stock on another planet now
TITLE OF BIGGEST SPORTS GROUP LANDED AFTER NEW INVESTMENT
MANCHESTER CITY owner Sheikh Mansour has sold a 10 per cent share in City Football Group to an American investor, turning the sports group into the biggest in the world.
The group is valued at £3.73billion after California-based private equity firm Silver Lake bought a 10 per cent stake in CFG for £389 million.
The deal, which was signed on Saturday and announced yesterday, takes CFG comfortably clear of Real Madrid, Barcelona and local rivals Manchester United.
The investment from Silver Lake, who own technology outfits but have branched into sport, including Ultimate Fighting Championship, is not expected to impact heavily on Manchester City’s finances with regards to transfers.
Instead, it will be used to fund further global growth – including the expected purchase of an Indian Super League side – and bulk up a group comprising City and their six sister clubs, New York City, Melbourne City, Yokohama F Marinos, Girona, Atletico Torque and Sichuan Jiuniu.
“Silver Lake is a global leader in technology investing, and we are delighted by both the validation that their investment in CFG represents, and the opportunities for further growth that their partnership brings,” said City chariman Khaldoon Al Mubarak, below. The new deal leaves Sheikh Mansour’s Abu Dhabi Group as majority shareholder at 77 per cent, China Media Capital at about 12 per cent, and Silver Lake at just over 10 per cent.
Raheem Sterling, 24, is set to be awarded a lucrative new deal worth around £350,000-a-week and Al Mubarak has praised the City forward for the way he has emerged as a “leader” during his time at the club. “I’m very proud of what Raheem has done over the last couple of years,” said Al Mubarak.
“His evolution as a player, but more importantly as a person, has been exceptional. He’s become a leader both on and off the pitch. He’s become a leader in this squad at Manchester City, he’s becoming a leader at England serving his country. He’s been a leader in the community.
“I’m so happy for him because I think he’s a wonderful young man and there’s one thing I’m sure of – Raheem is only going to improve and only going to grow as a player and a leader. It’s a pleasure to have him as a part of our team.”