Ares Management Corp. is backing football investment group Kapital Football Group, which aims to acquire a "mid-table" club of the English Premier League, Private Equity International reported, citing documents.
The private equity firm will commit an undisclosed amount to the first phase of Kapital Football's plan that seeks around $270 million to acquire multiple football clubs in Europe and the Americas, including a Premier League club that could finish in the flight's top-seven, according to the publication, citing the documents.
Kapital Football signed a letter of intent to acquire an 80% stake in the unnamed Premier League club for an expected cost of about $210 million.
The second phase of the investments will include raising $260 million to acquire up to five other clubs and academies in the Americas, Africa and Asia.
The group also intends to raise capital through an IPO or by selling ownership stakes to large institutional investors.
Ares declined to comment and Kapital did not respond to a request for comment, the publication noted.