Thesis
Recent news of a private equity investment in English Premier League soccer club, Manchester City, sent shares of Manchester United (MANU) soaring. As I stated in a previous article, one could argue that Manchester United's ~$3 billion valuation was a discount to other prominent sports franchises.
It was reported that rival English football club, Manchester City, sold a 10% stake in its club that valued the team at $4.8 billion. This is a remarkable valuation -- ~6.5x next year's sales -- considering Forbes in July estimated that Manchester City was worth