Silver Lake raises its stake in City Football Group to more than 18%

Silver Lake has increased its investment in City Football Group (CFG) to more than 18%, making it the second largest shareholder in Manchester City's ownership group.

CFG stated that the additional shares were purchased from venture capital company China Media Capital (CMC), which previously owned an 8.2 percent stake.

CMC has sold 7.24 percent of its stake in CFG, with half going to Silver Lake and the other half going to Manchester City owner Sheikh Mansour bin Zayed Al Nahyan, who has increased his stake in CFG to become the majority shareholder through the Abu Dhabi-based Newton Investment and Development firm.

CFG praised the purchase as a "further endorsement" of the group's business model and "continued international growth" in a statement published by the Financial Times (FT).

CFG's portfolio now includes 12 soccer clubs, the most recent addition being Brazilian second-tier side Esporte Clube Bahia. In addition, the group recently completed a reported £11.2 million (US$13.6 million) buy of Palermo, an Italian second-tier team.

Silver Lake has investments in several sports properties, including New Zealand Rugby (via a February acquisition), multinational entertainment and sports conglomerate Endeavor, and sports merchandising firm Fanatics.

In a reported $800 million deal last year, it acquired a stake in artificial intelligence company G42, which also has ties to the Abu Dhabi royal family.

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