Reports: New York-based firm Tiger Global to infuse $40 million in IPL franchise Rajasthan Royals
The investors are looking to invest $40 million the in franchise at a $650 million valuation.
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New York-based firm, Tiger Global is likely to pick up a financial stake in the Indian Premier League (IPL) franchise Rajasthan Royals (RR). It is understood that the investors are looking to infuse $40 million in the franchise at a $650 million valuation.
Notably, Tiger Global is well known for funding businesses including Flipkart, Zomato, Ola, and Delhivery among others. The firm also owns a share in the largest provider of online fantasy sports, Dream Sports, which operates Dream11.
As per a report by the Economic Times, the New York-based investors initially held talks with a few other franchises in the lucrative T20 league. However, the deal with the Royals could likely come to fruition and they're speculated to infuse $40 million, which will take the overall valuation to $650 million.
Presently, Rajasthan Royals’ parent entity - Emerging Media, is owned by the UK-based entrepreneur, Manoj Badale, who holds over 60 per cent of the stake in the franchise since 2008. In 2021, the US-based firm, RedBird Capital, picked up shares in a secondary deal valuing the Royals for more than $250 million. As per ET, the investment in the Royals by Tiger Global could be either direct or indirect and the latter is likely to back one of the shareholders through the capital infusion.
Rajasthan Royals were eliminated in the race for playoffs
Notably, the Men in Pink led by Sanju Samson concluded their season as they finished in the fifth spot in the IPL Points Table with 14 points in 14 matches. The side managed to win seven games and lose as many with a Net Run Rate (NRR) of 0.148.
On the other hand, the defending champions, Gujarat Titans, Lucknow Super Giants, Chennai Super Kings, and Mumbai Indians are the final four teams contesting in the IPL Playoffs. The defending champions will lock horns with MS Dhoni’s Super Kings in Qualifier 1 of the playoffs on Tuesday, May 23. Whereas, the five-time winners will square off against Krunal Pandya’s LSG in the Eliminator on Wednesday, May 24.