The private equity firm Silver Lake Partners has taken a $500m stake in the owner of Premier League football club Manchester City, valuing the business at $4.8bn and making it one of the world's most expensive sports brands.

Silver Lake is best known as an investor in the technology sector but its stake in City Football Group will give it exposure to football teams including New York City FC in the US, Melbourne City FC in Australia and Japan’s Yokohama F Marinos. CFG also holds stakes in teams in Uruguay, Spain and China.