The owner of English Premier League champions Manchester City is selling a major stake in the club for US $500 million (€454 million) – in a deal said to break a new record in sports valuations.
A statement by Silver Lake, an American private equity firm, says the deal is equivalent to just over 10% of the new value of the owning company, City Football Group (CFG), which is estimated at US $4.8 billion (€4.36 billion).
This would make the club the second most valuable sports franchise in the world, and the most valuable sports franchise in Europe, according to valuations published in Forbes in July.
The same listings from Forbes placed Manchester City at the time in 25th place, but Wednesday's valuation provides a substantial bump.
Before this valuation, Real Madrid sat at the top of the charts for the most valuable sports franchise in Europe, followed by Barcelona.