Manchester City receive $500m investment from US private equity firm

Deal values City's parent company at $4.8bn, making it most valuable football club in the world

City Football Group (CFG) have announced a $500m (£389m) investment from American private equity firm Silver Lake, in return for a stake of just over 10% of the company. The deal values the business at $4.8bn, making it one of the most valuable sports companies in the world.

A CFG statement said the investment from Silver Lake would be used to “fund international business growth opportunities and develop further CFG technology and infrastructure assets”

Group chairman Khaldoon Al Mubarak said: "We and Silver Lake share the strong belief in the opportunities being presented by the convergence of entertainment, sports and technology and the resulting ability for CFG to generate long-term growth and new revenue streams globally."

Silver Lake, which is best known for technology investing, said its investment would "help drive the next phase of CFG's growth in the fast-growing premium sports and entertainment content market".