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$500m bid for DC United

Billionaire Patrick Soon-Shiong is part of a consortium looking to take control of US Major League Soccer team DC United in a deal that would value the club at $500m, a record the top soccer competition in the US: DC United deal close

DC United's chief executive Jason Levein is heading a group that is seeking to buy out Erick Thohir, the Indonesian businessman who owns 78 per cent of the team's operating rights. Mr Levein, who owns the remaining 22 per cent of the club, plans to bring on board new investors alongside Mr Soon-Shiong.

It remains unclear how much Mr Soon-Shiong, a surgeon turned biotech investor, is seeking to invest in DC United. He is already a minority owner of NBA basketball team Los Angeles Lakers and, in February, bought the Los Angeles Times newspaper for $500m.

Mr Thohir, who sold the majority of his controlling stake in Italy's Serie A club Inter Milan to China's Suning in 2016, has been seeking ways to significantly reduce his involvement in football.

Mr Levein, who is one of the co-owners of Swansea City, will retain his leadership positions at DC United.

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