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Sunday, December 15, 2024
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    RedBird Expands Sports Portfolio with Cricket Investment

    • RedBird Capital has acquired a 15% stake in the Indian Premier League’s Rajasthan Royals.
    • The cricket team is now valued at $250 million.
    By
    Jun 28, 2021 | 06:26 am
    UPDATED Jun 28, 2021 | 06:41 am
    IPL/Design: Alex Brooks

    Private investment firm RedBird Capital has acquired a 15% stake in the Indian Premier League’s Rajasthan Royals, valuing the cricket team at $250 million, per the Financial Times.

    Led by former Goldman Sachs partner Gerry Cardinale, RedBird spent approximately $37.5 million on its share of the team.

    RedBird is no stranger to sports as an investor in the YES Network, the XFL, and Fenway Sports Group — which owns the Boston Red Sox and Liverpool FC.

    Last season, the eight-team Indian Premier League was valued at $6.2 billion, with its season opener drawing more than twice the viewership of the 2021 Super Bowl.

    • The IPL is home to the world’s richest sports team owner, Mukesh Ambani, who has a net worth of $84.5 billion.
    • Ambani owns the current IPL champion Mumbai Indians.

    In the past year, RedBird also launched a SPAC with famed Oakland Athletics executive and minority owner Billy Beane and purchased a 30%-40% stake in Wasserman.

    RedBird has $4.5 billion in total assets under its management. 

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