RedBird Capital Partners acquires 15 per cent stake in IPL franchise Rajasthan Royals
Jaipur (Rajasthan) [India], June 24 (ANI): Private investment firm RedBird Capital Partners has acquired a 15 per cent stake in the Indian Premier League (IPL) franchise Rajasthan Royals.
Emerging Media, the investment vehicle controlled by Manoj Badale and RedBird Capital Partners on Thursday announced a strategic partnership, in which RedBird will acquire a minority stake in the franchise.
Emerging Media will increase its ownership of the franchise from 51 to 65 per cent.
"The IPL is a dynamic league with a global audience and forward-thinking mindset regarding fan and player engagement," said Gerry Cardinale, Founder and Managing Partner of RedBird, in an official release posted by Rajasthan Royals.
Ranjit Barthakur, Chairman of the Rajasthan Royals, said: "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."
Royals had won the inaugural edition of the IPL in 2008 under the leadership of Shane Warne. They finished eighth in the 2020 edition of the league with 6 wins from 14 games. In the 2021 edition, the team was placed fifth with three wins from seven games before the tournament was suspended with an eye on COVID-19. (ANI)