Liverpool shareholders RedBird Capital set to buy stake in Indian Premier League franchise Rajasthan Royals
RedBird Capital Partners, a shareholder in Liverpool owners Fenway Sports Group, is buying a stake in Indian Premier League (IPL) cricket franchise Rajasthan Royals, according to reports.
New York-based RedBird is buying 15 per cent of the Royals in a deal that values the team at $250m, says the FT.
The transaction continues the trends of private capital and US investors flooding into sport.
Rajasthan Royals were founder members of the IPL and were the inaugural champions of the high-profile Twenty20 competition.
However, they were one of two teams banned for the 2016 and 2017 seasons for their involvement in a betting scandal.
The Royals are majority owned by London-based venture capitalist Manoj Badale. He is reported to be increasing his stake from 51 per cent to 65 per cent.
Other shareholders in the franchise include Fox Corporation chief Lachlan Murdoch.
RedBird Capital, which was founded by former Goldman Sachs executive Gerry Cardinale, bought a stake of around 10 per cent in US-based FSG in March.
At the same time, NBA superstar LeBron James also invested in FSG, which owns baseball’s Boston Red Sox.
Rajasthan Royals have marketed themselves heavily in the UK, where they have established an academy programme.
England stars Ben Stokes, Jofra Archer and Jos Buttler were signed to the team for this year’s IPL, which was cut short by a steep rise in Covid-19 cases.