Illustration: Rebecca Zisser/Axios
Private equity giant Silver Lake agreed to invest $500 million for just over a 10% stake in City Football Group, owner of reigning English Premier League champs Manchester City and other soccer clubs, from Abu Dhabi United Group.
Why it matters: It makes CFG, now valued at $4.8 billion, the world's most valuable soccer group.
The bottom line: "Silver Lake made its name investing in technology companies but has pivoted in recent years to entertainment... It had approached other leading English and European clubs, including Chelsea... attracted by the multi-billion-dollar prices paid for football media rights by broadcasters and Internet groups, writes the FT's Murad Ahmed.