Oak View Group has officially confirmed it hopes to bring a major new venue, which would rival SMG's Manchester Arena, to Manchester City's Etihad Campus in Eastlands
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OVG, MSG, WME and TEG investor Silver Lake has taken a $500m stake in City Football Group, one of the parties working on OVG’s new UK concert venue project
By Anna Grace on 29 Nov 2019
Silver Lake, a private equity firm with stakes in a number of major live entertainment companies, has acquired a US$500 million stake in Manchester City Football Club owner City Football Group (CFG), the partner on Oak View Group’s (OVG) new arena project.
The buy-in, which sees the investor take control of more than 10% of CFG, complements the $100m investment Silver Lake made in venue development group OVG last year.
OVG is currently working in partnership with CFG on building a major new concert venue in the Eastlands area of Manchester, home to the football club’s Etihad Stadium. The arena project entered into its second round of consultation meetings yesterday (Thursday 28 November), the day after Silver Lake announced its CFG investment.
“We and Silver Lake share the strong belief in the opportunities being presented by the convergence of entertainment, sports and technology”
“We and Silver Lake share the strong belief in the opportunities being presented by the convergence of entertainment, sports and technology,” comments CFG chairman Khaldoon Al Mubarak.
Silver Lake has invested heavily in the entertainment industry in recent years and currently owns 100% of Asia-Pacific live entertainment giant TEG, 51% of WME/UFC parent company Endeavor and 8.4% of Madison Square Garden Company.
The investor’s most recent deal places CFG at a valuation of $4.8 billion – a record for a sports group. According to the Financial Times, the $500m cash injection will help fund CFG’s acquisition of more football clubs globally, as well as the planned construction of a new stadium in New York.
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