Private equity firm Silver Lake has agreed to make a $500 million (€454 million) investment into the owners of English Premier League soccer champions Manchester City, the firms said on Wednesday, confirming a report in the Financial Times.

Silver Lake will buy just over 10 per cent of Abu Dhabi-controlled City Football Group (CFG), which owns Manchester City, and the companies said the investment would value City Football Group at $4.8 billion.

“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.

- Reuters