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Manchester City group worth $4.8 billion after Silver Lake buy 10 percent

The owner of English Premier League champions Manchester City has sold a $500 million stake to private equity firm Silver Lake, valuing Abu Dhabi-controlled City Football Group (CFG) at $4.8 billion.

The Financial Times were first to report the deal on Wednesday.

Silver Lake will buy just over 10% of CFG, which owns Manchester City and six other football clubs worldwide, including New York City FC in MLS and Melbourne City in the Australian A-League.

"Silver Lake is a global leader in technology...