City Football Group make fresh £210m move as Manchester City owners show faith

City Football Group, the parent company that owns Manchester City, has raised a further £210m through issuing new preference shares, the second time that the ownership group has done it in a matter of months.

A filing with Companies House on November 29 showed that CFG had allotted 23,766,185 of Class A Preference Shares, with amount paid per share standing at £8,836, a move that has raised approximately £209.9m for City’s owners, whose sprawling network of football clubs across the globe stands at 13 under majority ownership, including City, New York City FC, Melbourne City, Girona, ESTAC Troyes, Palermo, Lommel SK, and Yokohama F. Marinos, among others.

It is the second time this year that CFG have made such a move having issued 23,788,002 preference shares priced at £8.83 each on June 30, a move which took the total number of CFG shares to 620,527,018, valuing the group at around £5.5bn.

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As per the filing at the end of June, the most recent filing does not identify the party to whom the shares were issued, but as per CFG’s most recent confirmation statement there is only US private equity firm Silver Lake Capital, who initially acquired a 10% shareholding in CFG back in 2019 for a $500m sum, that hold Class A preference shares. Abu Dhabi United Group (ADUG) are recorded as holding ordinary shares, something which places Silver Lake at the top of the pile when it comes to who receives dividends, although they take less part in strategic decisions around the business.

In late 2022, Silver Lake increased its shareholding in CFG to 18.15% after it moved to acquire