Silver Lake Management’s expensive foray into British soccer reflects the soaring value of live matches in the streaming era and the potential for new apps to cash in on the global following of teams like Manchester City.
The U.S. private equity firm is buying just over 10% of City owner City Football Group Ltd. for around $500 million, the companies said Wednesday. At that price, City Football would be valued at $4.8 billion, based on simple math. But Silver Lake acquired preferred shares in the transaction, which would normally demand a premium, so the real valuation may be lower, according to people familiar with the matter.
