Manchester City's owners have received a $500million cash injection from a United States-based private equity firm.

An agreement has been reached that will see technology investors Silver Lake pay the sum, equivalent to around £390million, to acquire just over 10 per cent of City Football Group (CFG).

The deal values the Abu Dhabi-controlled company at $4.8billion (£3.74billion).

Silver Lake becomes CFG's second major partner, following a Chinese consortium led by China Media Capital that purchased around 12 per cent in December 2015.

According to a statement from CFG, the investment will "fund international business growth opportunities and develop further CFG technology and infrastructure assets".

Group chairman Khaldoon Al Mubarak said: "Silver Lake is a global leader in technology investing, and we are delighted by both the validation that their investment in CFG represents, and the opportunities for further growth that their partnership brings.

"We and Silver Lake share the strong belief in the opportunities being presented by the convergence of entertainment, sports and technology and the resulting ability for CFG to generate long-term growth and new revenue streams globally."

New CFG investors announced. Welcome to the family Silver Lake.

FULL STORY: https://t.co/n1Zy1JDNvc

#cfgsilverlake pic.twitter.com/RNvgeNnY1I
— Manchester City (@ManCity) November 27, 2019

CFG purchased Premier League side City in 2008 and has built the club into English football's dominant force.

Manager Pep Guardiola guided an expensively assembled squad to a second successive top-flight title last term, the club's fourth Premier League trophy success in eight seasons.

CFG also owns or has shares in MLS side New York City, A-League club Melbourne City, Girona in Spain, Uruguayan outfit Club Atletico Torque, J.League leaders Yokohama F. Marinos and China League Two team Sichuan Jiuniu.