Silver Lake is buying over 10% of Abu Dhabi-controlled City Football Group (CFG), the newspaper reported, adding that an official announcement was expected as early as Wednesday.
City Football Group (CFG) has received an equity investment from Silicon Valley-based technology investing company Silver Lake in a deal valuing the Manchester City ownership group at US$4.8 billion.
Europe's top soccer clubs have drawn in big money from some of the world's richest investors over the past decade, as the game attracts more fans in lucrative markets such as Asia, the U.S. and the Middle East.
For the uninitiated, Sheikh Mansour bin Zayed Al Nahyan, a businessman and member of the Abu Dhabi Royal family, bought the club in 2008 and has been able to bring in truckloads of funds to turn the club in a world force.
Manchester City spent much of the 1990s in the doldrums, often out of England's top-flight league and far behind Manchester United, which remains England's record league title holders with 20 championship titles.
CFG, which also owns or part-owns New York City FC, Melbourne City FC, Yokohama F. Marinos in Japan, Club Atletico Torque in Uruguay, Girona FC in Spain and Sichuan Jiuniu FC in China, said none of its shareholders were selling stakes.
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Silver Lake, which is known for technology-related investments in giants like Dell, Broadcom, and Skype, said it would invest $500m (£388m) in the company, becoming the second major outside investor in the group. The deal values the group at $4.8bn.
"We welcome the opportunity to work with Egon Durban (Managing Partner and Managing Director) and the Silver Lake team and its network to facilitate the global growth and deepening of CFG Club fan-bases and the development of our business as a whole".
City now lie third in the Premier League table, nine points behind Liverpool, as Pep Guardiola's men aim to win the title for a third successive season.
The club is the reigning English Premier League champion.
Manchester City is also being scrutinized for potential unfair financial practices.