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.


Verstappen storms to unlikely victory over Mercedes duo

Updated 10 August 2020

Verstappen storms to unlikely victory over Mercedes duo

  • Mercedes had been expected to cruise to their fifth win from as many rounds this season

SILVERSTONE, England: Max Verstappen sprung what could be the surprise of the season by beating Lewis Hamilton to win the 70th Anniversary Grand Prix on Sunday.

The Red Bull driver crossed the line at Silverstone 11.3 seconds clear of Hamilton, with Valtteri Bottas third.

Mercedes had been expected to cruise to their fifth win from as many rounds this season.

But both Hamilton and Bottas struggled with their tires to clear the way for Verstappen to take an unlikely win.

Charles Leclerc finished fourth for Ferrari ahead of Red Bull’s Alexander Albon. Racing Point’s Lance Stroll was sixth.

Hamilton will head to next week’s Spanish Grand Prix with a 30-point championship lead over Verstappen.

Hamilton’s Mercedes team has been the class act of the field this year and, after pole-sitter Bottas beat Hamilton to the first corner, it looked as though it would be a straight fight between the all-black cars for victory.

But Verstappen, who moved ahead of Racing Point’s Nico Hulkenberg at the opening bend, remained hot on their heels. Both Mercedes cars started on the medium tires, with Verstappen on the more durable hard tire.

Verstappen sensed that the Mercedes cars were struggling and was soon hunting down Hamilton. At one stage, he was told to drop off Hamilton’s gearbox to protect his tires.

“This is the only chance to beat Mercedes,” he said over the radio. “I am not going to sit back like a grandma.”

And he remained aggressive. Bottas pitted from the lead on lap 13 with Hamilton following in for fresh tires on the following lap. Verstappen took the lead and, when he came in for new tires at the midway stage of the race, he left the pits just behind Bottas.

Verstappen took only a handful of corners to regain top spot after he resisted Bottas’ tame defense.

Both Verstappen and Bottas came in with 20 laps remaining for a second time, while Hamilton remained out on wearing tires until lap 41 of 52.

Hamilton emerged down in fourth but the 35-year-old showed good pace on the fresh tires, posting the fastest lap of the race before overtaking Leclerc at Stowe for third. He then set his sights on hunting down Bottas and, with two laps to run, he passed his teammate around the outside of Brooklands.

After Verstappen cruised to victory, Nico Hulkenberg finished seventh, while Sebastian Vettel was outside the points in 12th following an opening-lap spin.