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.