RedBird Capital Partners, a private investment company headquartered in the United States established by former Goldman Sachs partner Gerry Cardinale, has acquired a 15% stake in the IPL’s cricket franchise Rajasthan Royals for an unspecified amount.
Meanwhile, Royals will also see its primary shareholder Emerging Media, which venture investor Manoj Badale owns, expand its share in 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 ground-breaking 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 to the future of 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
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.