Silver Lake buys second tranche of CMC shares from Man City owner City Football Group

November 28 - US private equity investor Silver Lake has increased its stake in Manchester City's parent company City Football Group (CFG) to over 18%.

The American firm has bought back the shares held by China Media Capital (CMC) which dilute their stake to almost zero.

No value has been assigned to the acquisition or the terms of the agreement.

CFG said the deal was an "endorsement" of its business model and "continued international growth". CFG also said that CMC "remains a valued partner for CFG, especially in China".

CFG was valued at $4.8 billion when Silver Lake purchased its initial 10% stake.

CMC owned up to 13% of CFG, but now only owns 1%.

In the last stock trade, CMC sold 7.24% of its shares in the group. Silver Lake bought half, with Sheikh Mansour's Newton vehicle buying the rest.

Previously, CFG increased its stake in CFG to 14.5% by acquiring a separate block of shares from CMC.

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