RedBird will hold 15 per cent stake in the Royals and Emerging Media will increase its ownership from 51 per cent to 65 per cent,
Investment firm RedBird Capital Partners, which has invested in the parent company owning iconic football club Liverpool and baseball team Boston Red Sox, has acquired a 15 per cent stake in the IPL franchise Rajasthan Royals.
However, the deal amount has not been disclosed.
Manoj Badale-owned Emerging Media owns majority stake in the IPL team which won the inaugural edition in 2008.
‘Following the transaction, RedBird will hold 15 per cent stake in the Royals and Emerging Media will increase its ownership from 51 per cent to 65 per cent,’ a release on the Royals website stated.
Badale said the deal is a testament to the global standing of the IPL.
‘We are extremely delighted to partner with RedBird, an experienced investment firm that shares our vision of driving growth and success for the Rajasthan Royals franchise.
‘Such an investment is a testament to the global standing of the IPL and India as an attractive investment destination.’ RedBird founder and MD Gerry Cardinale said: ‘The IPL is a dynamic league with a global audience and forward thinking mindset regarding fan and player engagement.
‘The Royals have contributed to this progressive approach and we look forward to further supporting its on-field performances, business operations and contributions to its community.’
Source: Business World