Liverpool co-owner RedBird picks up 15% stake in Rajasthan Royals
The principal owner of Rajasthan Royals happens to be Emerging Media, head by Manoj Badale, who currently has a stake of 65%. The franchise was previously owned by Bollywood actress Shilpa Shetty and Raj Kundra. RedBird co-owns football club, Liverpool.
Indian Premier League franchise Rajasthan Royals has earned a new co-owner, as RedBird Capital Partners has claimed a 15% stake. The company happens to be the co-owner of English Premier League club Liverpool, America’s Major League Baseball franchise Boston Red Sox, America’s Xtra-Fun-League and French football club, Toulouse.
Currently, Manoj Badale’s Emerging Media holds the remaining 65% stake, which is an increase from its previous 51%. Although the two groups did not reveal the exact financial figures involving the ownership, the total value of the franchise following the new deal is estimated to be around $250-300 million.
“The IPL is a dynamic league with a global audience and forward-thinking mindset regarding fan and player engagement,” said Gerry Cardinale of the RedBird group, reports Reuters. “Such an investment is testament to the global standing of the IPL and India as an attractive investment destination,” added Badale.
Meanwhile, the deal is expected to increase RR’s brand value in the market, which dropped by 8% to ₹2.49 billion last year. Furthermore, the brand value of the IPL itself took a hit by 3.6%, falling to $6.19 billion due to the prevailing pandemic that has seen a worldwide financial downfall.
RR was previously owned by businessman Raj Kundra and his Bollywood wife, Shilpa Shetty. However, after being found guilty of corruption in 2015, he was banned from ownership for life.
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