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Silver Lake's expensive foray into British soccer reflects the soaring value of live matches and a bet that Manchester City's hundreds of millions of fans represent a big revenue opportunity.

The US private equity firm is buying just over 10% of City Football Group for about $500m (about R7bn), the companies said Wednesday, valuing the club's owner at $4.8bn. That's one of the highest price tags yet for a professional sports group...

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