While the details of the investment have not been disclosed, the deal is yet another reminder of the prospects of T20 cricket and the allure of the IPL, the world’s most popular T20 league, among investors.
Three athletes who have invested in the Rajasthan Royals are: National Basketball Association (NBA) team Phoenix Suns point guard Chris Paul, National Football League (NFL) offensive tackle Calvin Beacham of the Arizona Cardinals and former Arizona Cardinals wide receiver Larry. Fitzgerald.
The trio have individually invested in Emerging Media IPL Limited (EMIPL), a majority stakeholder in Rajasthan Royals. The deal was struck in October last year, but the Royals recently got a nod from the Board of Control for Cricket in India (BCCI).
Manoj Badale, Founder of EMIPL and Principal Owner of Rajasthan Royals, told ET Sport via email, “This investment not only signals a high level of interest in the IPL globally, but also provides important lessons from the world of American sports. will do.”
“At Rajasthan Royals, we have always talked about transforming Indian society through cricket and we have also talked about transforming cricket through innovation.
“To achieve these goals, we need to see where we can learn the most.
“When it comes to the world of sports, whether it’s on-field performances, fan engagement or business activities, US sports leagues are ahead of the rest of the world.”
Cricket is not among the popular sports in the US, but the T20 format is making rapid progress in the country, especially with people from the Indian subcontinent now making up a large segment of the population. Over the years, the International Cricket Council (ICC) has been trying to expand the footprint of cricket in the country and recently the US has been allotted the 2024 T20 World Cup (to co-host with West Indies).
Paul, a two-time Olympic gold medalist, told ET Sport via email, “Cricket is the second most followed sport in the world with 2 billion fans worldwide, but there are fans out there that are still not occupied. have been able to do.”
“Even for me, joining the Players Union for eight years has given me the opportunity to see the business, to see the potential of different sports and arenas, and the scope of growth that comes with it. What I bring to the table are lessons from the NBA. , which I think we can use to help this growing franchise.”
Unlike the US sports market, which has long been very congested, the Indian sports market is relatively less competitive and is growing at a good pace, especially cricket. For investors who want to diversify their portfolio, IPL is becoming a big attraction.
The price paid last month for the two new IPL franchises is a good indicator. CVC Capital, which has interests in top football properties such as Spain’s top-flight football league, La Liga, and previously Formula One and MotoGP, paid Rs 5,625 crore for the Ahmedabad franchise of the IPL. Indian industrialist Sanjeev Goenka’s RP-SG Group claimed Rs 7,090 crore on the Lucknow franchise.
Badale said, ‘I don’t think anyone expected the IPL to become so big.
“The realization of the size and growth potential of IPL has invited huge interest from other countries.
“If you look at the IPL by the numbers of most sports leagues in the US, I think our league has definitely grown into a huge asset that has achieved global status.
“There is also the potential for bigger and stronger financial value in the next cycle of media rights, and I think that makes IPL attractive as well. So, I was not surprised to see the interest shown by the athletes, and I think this is definitely something that we will see more of in the coming future, perhaps even from domestic Indian stars.”
Fitzgerald, considered one of the greatest receivers in NFL history, was impressed by Badale’s approach. “India is a huge market with a lot of ardent sports fans, so I jumped at the opportunity to personally invest in one of the most sought after teams in the country,” he added.
“I strongly believe in the principle of Royals and Manoj to grow this franchise and look forward to challenging the realm of possibilities by expanding new horizons together.”