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.


Riyadh to host inaugural Saudi international cycling race

Updated 22 January 2020

Riyadh to host inaugural Saudi international cycling race

  • This new race represents an exciting organizational challenge, a coherent sporting event for an entire category of riders

JEDDAH: Sports chiefs are gearing up to announce the Saudi city venue for a new international cycling race set to take place in the Kingdom.

Chairman of the Saudi General Sports Authority Prince Abdul Aziz bin Turki Al-Faisal is expected to reveal on Thursday that Riyadh will host the five-stage Saudi Tour 2020 from Feb. 4 to 8.

The inaugural edition of the 2.1 category race is being staged by Amaury Sport Organization (ASO), the organizer of the world-famous Tour de France.

Details of the route in and around the Saudi capital were due to be released during a press conference at Riyadh’s Digital City.

The cycling event precedes the Tour of Oman (Feb. 11 to 16) which is facing cancelation following the death of Sultan Qaboos.

ASO chief executive, Yann Le Moenner, said: “We are involved in the emergence of a new racing scene in the Middle East, which corresponds to the riders’ demand at the beginning of the year.

“The creation of the Saudi Tour and its sustainable installation in the calendar is part of this movement. This new race represents an exciting organizational challenge, a coherent sporting event for an entire category of riders, and a nice opportunity for the television viewers who follow the race to discover new landscapes.

“This is also, for us, an occasion to contribute to the development of cycling across the Kingdom,” he added.

Saudi Cycling Federation chief Sabah Al-Kraidees said it was an “honor” to have the inaugural Saudi Tour, noting that the event would help to promote the Kingdom as a tourist destination.

“The Saudi Tour is a great opportunity to publicize the country’s varied territories and historic sites and to let visitors discover our sense of hospitality. This initiative fits perfectly with the ambition of Saudi Arabia to promote the Kingdom beyond its borders through sports and especially cycling,” he added.

The five-day event will feature stages in the hills around Riyadh and on urban circuits.

The Kingdom recently began issuing tourist visas after travel to the country was largely limited to pilgrims, business travelers and resident workers.