Manchester City owner to sell $500 million stake valuing itself at $4.8 billion - FT

FILE PHOTO: Soccer Football - Champions League - Group Stage - Group F - Olympique Lyonnais v Manchester City - Groupama Stadium, Lyon, France - November 27, 2018 General view of the Manchester City emblem before the match Action Images via Reuters/John Sibley

(Reuters) - The owner of English Premier League champions Manchester City is selling a $500 million (£389.71 million) stake to private equity firm Silver Lake, valuing the soccer club's owner at $4.8 billion, the Financial Times reported on Wednesday, citing people with knowledge of the deal.

Silver Lake is buying over 10% of Abu Dhabi-controlled City Football Group (CFG), the newspaper reported, adding that an official announcement was expected as early as Wednesday.