City Football Group (CFG), owner of Manchester City FC and a host of other clubs around the world, has secured a major investment deal with US-based tech investment giant Silver Lake.

Silver Lake has signed a definitive agreement to make a US$500m equity investment, equivalent to around 10 per cent of the CFG's worldwide businesses.

Proceeds from the investment will be used to fund international business growth opportunities and develop additional CFG technology and infrastructure assets.

The deal values CFG at US$4.8bn (£3.73bn) – breaking the record in global sports valuations.

The group has a stake in seven football clubs across the world, including in the US, Australia, Japan and China.

"Silver Lake is a global leader in technology investing and their investment in CFG will provide us with opportunities for further growth," said Khaldoon Al Mubarak, chair of CFG.

"We and Silver Lake share the 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."