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Rajasthan Royals begins play to sell majority stake
Rajasthan Royals is on the hunt to offload a majority stake in its IPL franchise. They've enlisted the expertise of Raine Group to navigate the sale. With numerous interested parties stepping forward, this comes at a time when the IPL's allure to investors is soaring. The valuation for the team is anticipated to be quite impressive.
Rajasthan Royals has initiated a process for offloading a majority stake in the sporting franchise at a time when investor interest in the Indian Premier League (IPL) remains strong, people aware of the sale process told ET.
The franchise has engaged Raine Group to manage the process and has begun reaching out to potential buyers. IPL's ecosystem value is pegged between $10 and 18 billion by different brand valuation firms.A minority stake sale in the Jaipur-based franchise nearly five years ago had then valued the team at about $250 million. Gujarat Titans, in which Torrent Group recently took a majority stake, was valued at about Rs 7,500 crore.
People tracking the development said the franchise has already received several expressions of interest, but no firm bids have been submitted so far.
Raine Group, which has previously worked on cricket franchise transactions like England's The Hundred, is overseeing outreach, valuation discussions, and investor evaluations. Those familiar with the matter said the Rajasthan Royals promoter group, led by Manoj Badale, is open to considering a majority stake sale, although the quantum of the stake on offer would depend on the valuations achieved.
In 2021, Badale's Emerging Media increased its holding in the franchise from 51% to 65%. In the same year, US-based RedBird Capital Partners acquired a 15% stake for $37.5 million. RedBird, which also holds investments across Major League Baseball (MLB) and Major League Soccer (MLS), is looking to exit Rajasthan Royals. Fox Corporation chief executive Lachlan Murdoch is among the franchise's minority shareholders.
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Source: EconomicTimes
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