Emerging Media increases its ownership to 65%, RedBird to acquire a 15% stake.
Emerging Media, the investment vehicle controlled by Manoj Badale, and RedBird Capital Partners (“RedBird”) today announce a strategic partnership, in which RedBird will acquire a minority stake in the Rajasthan Royals franchise (“Royals or “the Franchise”). RedBird will provide strategic capital and experienced counsel to support the Royals’ long-term growth, on-pitch success and commercial objectives.
Following the transaction, RedBird will hold a 15% stake in the Royals, while Emerging Media will increase its ownership of the Franchise from 51% to 65%.
“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 Manoj Badale, founder of Emerging Media and majority owner of the Rajasthan Royals. “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 sports business and we look forward to all that can be achieved through this truly strategic partnership.”
Gerry Cardinale, Founder and Managing Partner of RedBird, said, “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.”
Ranjit Barthakur, Chairman of the Rajasthan Royals, added “We are tremendously proud to announce this extra investment from our long-standing investor, Emerging Media, and to establish a groundbreaking collaboration with our new partner RedBird. After a year of unprecedented challenges for the country, we are appreciative of this significant commitment to the Royals family and sport in India.”
RedBird has been a prolific investor in building sports businesses in partnership with world class rights holders across the sports ecosystem globally. Some of the firm’s more recent sports investments include Fenway Sports Group (the corporate holding company of the Boston Red Sox and Liverpool FC), Toulouse FC, the XFL with Dwayne Johnson and Dany Garcia, and the Yankees Entertainment & Sports (YES) Network. Over the years, RedBird’s investment partners have included a host of internationally renowned sports franchises and leagues, including the New York Yankees, the Dallas Cowboys, the National Football League, and multiple Players Associations across the NFL, Major League Baseball, Major League Soccer, United States Women!s National Soccer Team and Women!s National Basketball Association.
For press coverage please see the Financial Times.
About the Rajasthan Royals
Rajasthan Royals were the champions of the inaugural 2008 season and have been the epitome of fighting spirit in the IPL. Being the harbingers of innovation, Rajasthan Royals are the team that have embodied the Moneyball way and have been at the forefront of driving talent at the highest level.
For more information, please go to www.rajasthanroyals.com
About RedBird Capital Partners
RedBird Capital Partners is a private investment firm focused on building high-growth companies with flexible, long-term capital in partnership with its Entrepreneur & Family Office Network. Founded by former Goldman Sachs Partner Gerry Cardinale, RedBird today manages $5 billion of capital principally across its Sports, TMT, Financial Services and Consumer industry verticals. RedBird invests with an entrepreneurial, company-building mentality, with an emphasis on capital appreciation and compounding equity returns over longer holding periods. RedBird!s network of business founders and entrepreneurs is central to its investment sourcing strategy, and its highly curated group of limited partners are active coinvestors who provide scalable capital support.
For more information, please go to www.redbirdcap.com