Manchester City owner scores big with stake sale

Manchester City players pose with the trophy as they celebrate winning the Premier League [Action Images via Reuters/John Sibley]

Manchester City’s Abu Dhabi-controlled owner has agreed to sell a $500 million stake to U.S. private equity firm Silver Lake, making it the world’s most valuable soccer group with a $4.8 billion price tag.

Tech-focused Silver Lake will buy just over 10% of City Football Group (CFG), which owns reigning English Premier League champions Manchester City and teams in the United States, Australia and China, the companies said on Wednesday.