Sport - Cricket;Rajasthan Royals looks to bat its way to global league

Sonali Krishna

MUMBAI: Rajasthan Royals, champions of the inaugural Indian Premier League (IPL), is gearing up to become a global cricket brand. Emerging Media
& Rajasthan Royals, owner of the team, is looking at raising Rs 100-150 crore by selling around 10% stake for this purpose. The funds will be deployed for acquiring cricket franchises overseas, specially in South Africa and Australia, as well as extending the Rajasthan Royals brand into other sports.

In addition, a part of the fund will also be used for recruiting players for Rajasthan Royals. It will shortly appoint an advisor for the stake sale.

According to Manoj Badale, chairman, Emerging Media & Rajasthan Royals, the franchise is expected to be valued at about $200 million. Mr Badale told ET, “We are looking to raise a minimum of $20-30 million, and the objective is to support investment in three areas. First, to invest in our player development infrastructure. Second, to look at acquisition for international expansion and to support continued investment in our playing staff.”

“The benefit of our investment is that it allows us to build the Rajasthan Royals into a global cricket brand. It also helps us to create opportunities for our players for more than just eight weeks a year. The fresh investment will make the Royals brand synonymous with sporting excellence in a number of areas,” added Mr Badale.

Earlier in the year, the Rajasthan franchise was considering the IPO route. However, the turbulence in the markets has made the franchise look at alternate ways of raising funds. There were also reports that the team was put for sale. Mr Badale said, “It is true that we have been approached, but it is not true to say that the business is up for sale.“

Lachlan Murdoch, son of media baron Rupert Murdoch, is one of the key shareholders of the franchise. This is Lachlan’s second investment in India through his closely held investment firm — Illyra.