RedBird Capital Partners, a US-based private investment firm, has picked up a 15% stake in the Indian Premier League (IPL) franchise Rajasthan Royals (RR) on Thursday (June 24) ahead of the IPL 2021 resumption.
Simultaneously, Rajasthan Royals’ majority owner Manoj Badale's investment firm Emerging Media has decided to increase its stake in the winners of the inaugural IPL in 2008 to 65% from 51%.
On Thursday, the Emerging Media and RedBird Capital Partners announced the stake acquisition in a joint statement but did not disclose the financial details of the transaction.
However, the Financial Times and Business Standard newspaper reported that the deal was sealed at an enterprise value of between $250 million and $300 million.
Gerry Cardinale, Founder and Managing Partner of RedBird – which has interests in the parent company of Liverpool and the Boston Red Sox – said in an official release posted by RR: “The IPL is a dynamic league with a global audience and forward-thinking mindset regarding fan and player engagement.”
Meanwhile, Ranjit Barthakur, Chairman of the RR, stated: “We are tremendously proud to announce this extra investment from our long-standing investor, Emerging Media, and to establish a ground-breaking collaboration with our new partner RedBird.”
On the other hand, Badale said the RedBird deal with the franchise shows the growing popularity of the IPL in the world.
Badale said: “Such an investment is testament to the global standing of the IPL and India as an attractive investment destination.”
Noteworthy, the RR’s brand value reportedly dipped by over 8% in 2020, to INR 2.49 billion.
(With ANI Inputs)
