Comments
Emerging Media IPL Ltd (EMIPL), the lead investor in Rajasthan Royals (RR), has increased its stake in the IPL franchise to a little over 50 per cent. With this EMPIL, which is owned and controlled by Manoj Badale, becomes the majority shareholder of RR.
EMPIL, which earlier held a 36.7 per cent stake in RR, is said to have now bought an additional 13.4 per cent stake for an undisclosed amount.
A company spokesperson told BusinessLine that EMPIL bought the additional stake from Kelowna Investment Ltd, a Nigeria-based company run by Indian businessman Suresh Chellaram. Kelowna was earlier the majority shareholder of RR.
Fund-raise
To finance the additional stake purchase in Rajasthan Royals, EMPIL has raised funds from a slew of individual investors. “Investors are now recognising the value of sports franchises. EMIPL’s increased ownership of the franchise and expanded network of US-based, value-add investors presents an exciting opportunity to drive the growth of both Rajasthan Royals and the IPL,” Badale said in a statement.
The investors include Ian McKinnon, one of the founding partners of sports and entertainment company TEAM8 and the creator of the Laver Cup, BT CEO Phil Jansen, FutureLearn and Network International Chairman Ron Kalifa and Betfair founder Ed Wray. Arizona-based tech entrepreneurs Kal Somani, Simer Mayo and Mihir Patel have also been part of the EMIPL equity fund-raise.
Mike Fordham named CEO
RR also announced the appointment of Mike Fordham as its new CEO. Ranjit Barthakur, Chairman of the IPL franchise, said: “Mike is the ideal CEO to lead the Royals through our next chapter of growth and success. Mike has a wealth of experience of India and the commercial aspects of Indian sports.”
Fordham has over 16 years’ experience working with sports organisations around the world and was a key part of the IMG team that developed the IPL with BCCI, said EMIPL.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.