Premier League giants and defending champions Manchester City have become the most valuable football club in the world after US-based firm Silver Lake decided to buy 10% of their stake evaluated at approximate £389 million.
According to a report carried by The Athletic, the City’s latest business deal with Silver Lake would increase the value of City Football Group (CFG) to a total of £3.74 billion.
Consequently, CFG has become the most valuable football club in the world ahead of clubs like Real Madrid, Barcelona and Manchester City’s local rivals Manchester United.
The deal has been officially announced on Wednesday.
“We and Silver Lake share the strong belief in the opportunities being presented by the convergence of entertainment, sports and technology,” Khaldoon Al Mubarak, the Chairman of the CFG said in an official statement.
For the uninitiated, Sheikh Mansour bin Zayed Al Nahyan, a businessman and member of the Abu Dhabi Royal family, bought the club in 2008 and has been able to bring in truckloads of funds to turn the club in a world force.