Abu Dhabi-based Man City owner draws $500m investment from private equity firm Silver Lake

Manchester City this month reported record high 2018-19 revenue of £535.2 million ($687 million) in a fifth consecutive year of profitability. (Reuters)
Updated 27 November 2019

Abu Dhabi-based Man City owner draws $500m investment from private equity firm Silver Lake

  • Europe’s top football clubs have drawn in big money from some of the world’s richest investors over the last decade
  • Man City this month reported record high 2018-2019 revenue of £535.2 million in a fifth consecutive year of profitability

PARIS: US private equity firm Silver Lake has agreed to invest $500 million in the owners of English football champions Manchester City, valuing the Premier League club’s owner at $4.8 billion.
Silver Lake will buy just over 10 percent of Abu Dhabi-controlled City Football Group (CFG), which owns Manchester City, the companies said on Wednesday, confirming a report in the Financial Times newspaper.
Europe’s top football clubs have drawn in big money from some of the world’s richest investors over the last decade, as the game attracts more and more fans in lucrative markets such as Asia, the United States and the Middle East.
The clubs’ property portfolios are also often seen as lucrative assets.
Man City’s big domestic rival Manchester United are owned by the American Glazer family, while Chelsea is owned by Russian billionaire Roman Abramovich. French champions Paris Saint Germain are owned by Qatar Sports Investments.
“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,” City Football Group Chairman Khaldoon Al-Mubarak said in a statement.
City Football Group said none of its existing shareholders were selling equity stakes as part of the Silver Lake deal.
It added that Abu Dhabi United Group, the investment vehicle owned by Sheikh Mansour bin Zayed Al Nahyan, would remain the majority CFG shareholder with a stake of around 77 percent.
Man City this month reported record high 2018-19 revenue of £535.2 million ($687 million) in a fifth consecutive year of profitability.
Silver Lake Managing Director Egon Durban will join the board of City Football Group.
“We are excited to invest in CFG, which is redefining football globally and in doing so has successfully built an impressive global platform of marquee football clubs across five continents,” Durban said in a statement.
Manchester City spent much of the 1990s in the doldrums, often out of England’s top-flight league and far behind Manchester United, which remains England’s record league title holders with 20 championship titles.
However, the influx of Middle Eastern cash has since led to a revival in Man City’s fortunes.
The team, managed by former Barcelona man Pep Guardiola, won an unprecedented domestic treble last season — the Premier League title, the FA Cup and the League Cup.
Unlike Manchester United and Liverpool, however, Man City is yet to win Europe’s most prestigious title, the Champions League.


Joshua reveals he’s gone back to school ahead of Ruiz rematch

Updated 06 December 2019

Joshua reveals he’s gone back to school ahead of Ruiz rematch

  • “I really started studying boxing again”: Joshua

RIYADH: Former world heavyweight champion Anthony Joshua has admitted that he has been hitting the books just as hard as the gym in his six-month buildup to this weekend’s epic Clash On The Dunes bout in Riyadh.

The 30-year-old revealed that, as well as sparring with up to five fighters in a row, he committed to learning as much as he could about the “science of boxing” in his preparations for the rematch following his June defeat to Mexican-American fighter Andy Ruiz.

The pair meet again on Saturday in the jewel in the crown of Saudi Arabia’s Diriyah Season — with tickets selling fast in the face of phenomenal demand.

To Joshua, the fight is his chance of redemption following Ruiz’s shock win in New York’s Madison Square Garden, so he has left no stone unturned in his quest to produce the perfect performance under the lights and with the eyes of the world watching.

“After that fight, I knew my mistakes,” he told Arab News. “That’s why I said: ‘You were the better man that day. I give you it. First-ever Mexican champion. Hats off to you.’”

He continued: “I wasn’t low because I know I’m better than that and that I’ve got a lot more I needed to give. I just knew that me and Andy are different in every aspect — the only thing we have in common is time. So I made sure I used my time wisely because I knew I was going to get it right. I knew what I needed to work on. It was more strategic planning.

“Ever since I walked into boxing I’ve been dominating. From the amateurs — bosh, championship. Turned pro — bosh, championship. You never really understand what (you have) until it’s taken (from you).

“Then I had time to think and that’s when I really started studying boxing again. There is no doubt I can fight. I’ve been fighting top-level fighters. I’ve never really had an introduction level. I’ve just been straight on. I’ve now had the time to reflect, get my head right, get my head back in the game, and boost myself again and do what I did 10 years ago: take over this division.”

When asked what his studying entailed, Joshua — who won a gold medal in the heavyweight category at the 2012 London Olympics — explained: “Loads of videos. Sometimes you can put fighters side-by-side — both 6 feet 6 inches, both weighing roughly the same amount — but you can see one is more disciplined with technique than the other, you can then see why they became more successful in their field and you learn about the discipline of following through your tactics. Stuff like that.

“You learn about when you move to the left against an orthodox fighter: Is that a dangerous move or is that a smart move to control a fighter? What does it mean to move to the right? What’s the first art of defensive boxing? It’s your feet — get out the way. You start to indulge yourself in the sweet science. Before I was more, ‘I’ve just come to fight.’ Now I’ve learned about the sweet science of the sport, which is important as well.”

In line with his learning, Joshua has ensured his 3,000-mile trip from London does not impact his training and fight preparation. In the lead-up to June’s defeat, he spent seven weeks away from home in Miami. On this occasion, he has arrived only two weeks prior — allowing him to maintain a “training camp vibe” to his buildup.

He believes he is now in the perfect place ahead of Saturday’s blockbuster bout, admitting he actually finds the actual fight the least nerve-wracking part of the whole experience.

“I just kept a training routine and focused on business: Keep my focus and get the job done,” he said. “I’m not nervous at all. I’m confident. I don’t think I’ve ever been nervous for a fight. I’ve probably been more nervous sparring. I trap myself in a dungeon, so I feel like I’m an experiment in a lab. I then come and present my efforts to you.

“That’s why I feel I’ve got so much pressure on myself, because behind closed doors I work so hard mentally and physically to try and stay at the top. I spar, like, five guys in a row who come to take my head off, and I’ve got to be sharp in every second of that round, which will ultimately (affect) what I do on fight night. Training is the hardest part, I think. That’s why I’m never nervous about a fight, because I put so much work in in the gym.”

Ruiz’s win over Joshua in June sent reverberations across all divisions of the sport, with many considering it one of boxing’s biggest ever upsets. So, could lightning strike twice?

“I think it’s kind of like an exam, isn’t it?” said Joshua. “You go through it once, you fail. Most people fail their first driving test, then they go again and prepare better, so I think I’m better prepared if I’m honest with you. You will definitely see the energy in the fight a bit different this time.”

Asked what the outcome would be if he were to suffer a second defeat to Ruiz in seven months, Joshua said: “Definitely catastrophic. But I’m not even thinking about losing. It’ll be big business when I win. I just got to keep focusing on the win.”

He added, “Everyone fails their first driving test. I think I got mine the second time.”