NEW YORK — News Corp.’s BSkyB has agreed to buy a 9.9% stake in English first-division soccer team Manchester City for about $19.2 million.
The satcaster will apparently pony up another $3.2 million to have its Sky Sports Ventures appointed exclusive media agent for the club, part of BSkyB’s push to take equity stakes in teams and lock up media deals.
BSkyB recently purchased 9.9% of Leeds United for $22 million. It also holds a stake in Manchester United, although government regulators blocked its attempt to take over that team outright for $1 billion.
BSkyB, 40% owned by News Corp., is currently involved in a battle for top English soccer rights.
Friday’s agreement will provide Manchester City with a cash infusion that will ease its debt load and may be part of a larger financing package that includes a rights offering.