- Emerging Media ups shareholding in Royals from 51% to 65%
- RedBird providing strategic capital and counsel to support franchise’s long-term growth
- Private investment firm’s portfolio includes Fenway Sports Group, OneTeam Partners and YES Network
The deal will also see the franchise’s majority owner Emerging Media, which is controlled by venture capitalist Manoj Badale, increase its stake from 51 per cent to 65 per cent.
The strategic partnership will see RedBird, which is led by former Goldman Sachs partner Gerry Cardinale, provide ‘strategic capital’ and ‘experienced counsel’ to support the Royals in their long-term growth, on pitch and commercial objectives.
Financial terms of the deal have not been disclosed. However, the Financial Times (FT) reports that RedBird’s investment values the Royals at US$250 million. Based off the firm’s 15 per cent stake in the team, it means RedBird has paid approximately US$37.5 million.
The acquisition adds to RedBird’s expanding sports investment portfolio, which includes stakes in the likes of Fenway Sports Group, OneTeam Partners and the YES Network. The firm has approximately US$5 billion in assets under management.
“We are extremely excited to partner with RedBird, an experienced investment firm that shares our vision of driving growth and success for the Rajasthan Royals franchise,” said Badale.
“Such an investment is testament to the global standing of the IPL and India as an attractive investment destination. Gerry Cardinale and his team at RedBird are leaders in spirts business and we look forward to all that can be achieved through this truly strategic partnership.”
Cardinale added: “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 sporting performance, business operations and contributions to its community.”
Rajasthan Royals / Twitter