City Football Group, which owns a group of soccer teams across the world including Manchester City and NYCFC, said they were worth $4.8 billion.
The valuation comes after the Silver Lake equity group invested $500 million into Manchester City.
The valuation could create further ripples within the industry.
"Within world football, this is almost certainly the largest ever sports enterprise valuation. When we look at major league baseball and the eye watering deals in the NFL and even e-sports now, this news will no doubt cause ripples across the sporting and private equity worlds," said Bryn Anderson of Brand Finance.