Sky gets the Blues

Rupert Murdoch's BSkyB empire has bought a 9.9% stake in Manchester City.

Rupert Murdoch's BSkyB empire has bought a 9.9% stake in Manchester City.

The First Division leaders can expect to make around £12million from the deal, which also includes BSkyB paying £2million for global rights to become the club's exclusive media partners.

BSkyB will have a representative on City's board, and further money will be raised from a new rights issue to existing shareholders.

In the deal, director John Wardle will become deputy chairman.

Wardle and JD sports company partner David Mackin will convert £4.8million of loans they have in the club into shares.

BSkyB also have a 9.9% stake in Leeds United.

City chairman David Bernstein said: "We have broken historic ground today and I'm sure it will delight our fans.

"We have massive support and BSkyB have recognised that. This investment puts us in an elite category of clubs and is in recognition of our great potential."

Independent Comment
blog comments powered by Disqus
Top stories
News in pictures
World news in pictures
UK news in pictures
UK news in pictures
More stories
       
Independent
Travel Shop
India and Shimla
14 nights from only £1899pp Find out more
Prague city break
Three nights from £199pp Find out more
4* Soreda hotel break, Malta
Seven nights all-inclusive from £399pp Find out more

Day In a Page

National archives: Edward VIII’s phone calls - and how MI5 bugged them

Edward VIII’s phone calls - and how MI5 bugged them

Newly unearthed papers reveal a shocking extra dimension to the constitutional crisis over monarch’s abdication
Sent down at the Old Bailey: A tour of the world's most famous court

Sent down at the Old Bailey

A tour of the world's most famous court
Hollywood's random acts of red-carpet kindness

Hollywood's random acts of red-carpet kindness

The Hangover actor Zach Galifianakis’s date for his movie premieres isn’t arm candy  – it’s his 87-year-old friend who he saved from homelessness
British football scores an own goal

British football scores an own goal

Many managers barely survive a year in post. Martin Baker talks to experts who make a case for clubs using forensic business skills to find the best staff
James Lawton: Sergio Garcia cracks as major fault line opens up again

James Lawton

Sergio Garcia cracks as major fault line opens up again
Dylan Hartley: Northampton have spent the season proving all our critics wrong

Dylan Hartley talks tough

Northampton have spent the season proving all our critics wrong
Watch out Watford: Here comes the secretive Bilderberg Group

Watch out Watford: Here comes the secretive Bilderberg Group

A meeting of global power brokers in a Hertfordshire hotel is exciting conspiracy theorists, but what are they really about?
'The ultimate all-in-one home entertainment system': Microsoft finally unveils its Xbox ONE console

'The ultimate all-in-one home entertainment system'

Microsoft finally unveils its Xbox ONE console
Plenty of Fish dating site founder pulls 'Intimate Encounters' option to ward off sleazy men

Plenty of sleaze

Dating website pulls intimate 'hook-up' section to curb harassment
Inferno author Dan Brown 'honoured' to be invited to join the Freemasons

The Freemasons’ Code

Dan Brown reveals the message that told him door to the lodge is open
Not secure any more: G4S boss heads for exit at last

Not secure any more: G4S boss heads for exit at last

Nick Buckles survived the Olympics débâcle and a £5bn bid fiasco but a profit warning finally triggered his downfall
How to say ‘I’m a sellout’: Tumblr’s David Karp’s message of reassurance to his staff sounded very familiar

How to say ‘I’m a sellout’

Tumblr’s David Karp’s message of reassurance to his staff sounded very familiar
Why clubs are keen to take a stand

Why clubs are keen to take a stand

There's a real desire around the grounds for safe standing. But will the authorities listen?
In the end the fans decided Tony Pulis had made a pig's ear of the job at Stoke City

In the end the fans decided Tony Pulis had made a pig's ear of the job at Stoke City

Disillusion with a siege mentality and negative playing style made change inevitable
James Lawton: The James Hunt I knew is the subject of a new F1 movie

James Lawton: The James Hunt I knew is the subject of a new F1 movie

British driver was fascinating man whose epic duel with Niki Lauda in 1976 was typical of an era of glamour and glory – but also the ever-present threat of death