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.
Abu Dhabi-based Man City owner draws $500m investment from private equity firm Silver Lake
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
Filipino fans celebrate as favorites advance at Dubai Tennis Championships
- WTA 1000 event off to dramatic start as Kabayan community-loved duo Alexandra Eala and Leylah Fernandez thrill center court with contrasting victories
- Britain’s top-ranked female player Emma Raducanu takes on Italian qualifier Elisabetta Cocciaretto in Monday’s action, with tickets still available
DUBAI: After weeks of anticipation, women’s week at the Dubai Duty Free Tennis Championship burst into life on the opening day as two favorites of the Filipino expatriate community progressed to the second round in front of capacity crowds.
Rising star Alexandra Eala — still only 20 and already the highest-ranked Filipino in WTA history at world No. 40 — lined up against powerful American Hailey Baptiste, the world No. 39.
Baptiste, having qualified for the match as a lucky loser after falling to Slovakia’s Rebecca Sramkova in Saturday’s final qualifiers, she nonetheless cut an imposing figure compared to the diminutive Eala, who is four years her junior and making her Dubai debut.
Yet with every corner of center court transformed by the red, white and blue of the Philippines flag, Eala immediately tapped into the energy with an array of crowd-pleasing winners as she railed against Baptiste’s power advantage.
After trading breaks early on, Eala buzzed around court and stole the momentum with a break of serve before nervelessly holding to seal the set 6-4.
Baptiste valiantly held serve in the opening game of the second set before Elea suddenly found herself advancing to the next round after the American retired with an abdominal injury.
An expectant crowd was stunned and fell silent, but noise levels soared back to deafening as the victor addressed center court. “No-one likes advancing in this way,” she said.
“Being on tour, I am starting to discover how difficult it is to maintain your health physically. I’m really hoping that Hailey will bounce back soon.”
Turning her attention and affections to her adoring fans, Eala added: “I’m super happy to be in the next round.
“This tournament is serving up such great experiences for me, especially playing in front of the best crowd ever. Hello everyone, hello Kabayans. I’m very happy to advance to the next round.”
Earlier in the afternoon, Canada’s Leylah Fernandez, the world No. 27, and Russia’s Liudmila Samsonova, ranked 10 places higher, played out an epic three-set showdown that lasted close to three hours.
After a tense first set in which Samsonova eventually prevailed 7-5, Fernandez — who boasts Filipino heritage — battled back in a knife-edge second set.
The 23-year-old unleashed a series of immaculate winners to sail into a 5-2 lead, before a resurgent Samsonova won three consecutive games to wrestle back momentum and level the set at 5-5.
The Russian’s mini comeback flattered to deceive however, as Fernandez held her serve and then immediately broke serve to clinch the set 7-5 and force a deciding set.
With Fernandez moving into a 2-0 lead in the early throes of the third set, Samsonova suddenly found herself holding two break points and a chance to regain her match footing.
Fernandez, buoyed by a partisan crowd that reveled in celebrating her Filipino ancestry, dug deep. Occasionally scurrying and battling to stay in points, she produced winners under pressure and benefited hugely as Samsonova’s unforced errors tallied up.
Brimming with confidence, Fernandez surged into a seemingly unassailable 5-0 lead in the third set, only for the never-say-die Samsonova to hit back with three quick games in a row.
Serving for the match for a second time, Fernandez regained her composure to hold serve and eliminate the 13th seed.
After signing dozens of autographs on caps, T-shirts, balls, souvenir programs, and anything frenzied fans could find for a signature, Fernandez was quick to acknowledge the acclaim she received from fans at the tournament.
“It definitely felt different tonight,” she said.
“I remember the past couple of years I’ve played day matches, sometimes first on, so there wasn’t a lot of fans. Today, there were a lot more and to see so many fans come watch women’s tennis means a lot, it shows the sport is growing, so I’m very happy.”
When asked if she feels a type of home advantage in Dubai, she added: “Yeah, actually, kind of. It does feel nice because you kind of feel at home. It helps a lot.
“Sometimes when you’re travelling so much you forget why you play tennis and fans always help you to remember. To feel that warmth, that love, and the passion that they have is a lot of fun.”
The final match of the night had the Czech Republic’s Sara Bejlek, ranked No. 38 in the world, needing only 75 minutes for a 6-2, 6-2 dismantling of Turkey’s Zeynep Sonmez.
Britain’s Emma Raducanu, another massive Dubai favorite, will face a first-round tie against Italian qualifier Elisabetta Cocciaretto on court two at 3 p.m.
