MUMBAI: Close on the heels of the Manoj Badale-controlled Emerging Media (IPL) Ltd increasing its stake in Emerging Media Sporting Holding Ltd – the parent company that owns Rajasthan Royals – to become the largest shareholder, comes the news that the UK-based businessman has got three prominent British executives to invest in the Indian Premier League franchise.
UK’s Sky News reports that Philip Jansen, the BT Group chief executive, Ron Kalifa, the former Worldpay vice-chairman, and Ed Wray, one of the founders of the betting exchange Betfair, have agreed to become shareholders in Rajasthan Royals.
Times of India had earlier reported that Badale planned to increase his stake in the franchise by 13.4%, through a proposed all-cash deal worth $26 million (Rs 1.9+ billion), pending BCCI approval.
TOI further reported that Emerging Media (IPL) Ltd have offered to buy the 13.4% stake from Kelowna Investment Ltd, a Nigeria-based company run by Indian businessman Suresh Chellaram (brother-in-law of IPL “founder” Lalit Modi).
Presuming that the approval has come through, SportzPower’s understanding of the stakeholding in Emerging Media Sporting Holding Ltd before and after the stake sale by Kelowna Investment Ltd is as under:
Pre-stake sale:
Emerging Media (IPL) Ltd (Manoj Badale – 39.6%), Kelowna Investment Ltd (Suresh Chellaram Family – 47.1%), Blue Water Estate Ltd (Lachlan Murdoch – 14.6%) and Shane Warne (3% sweat equity).
Post stake sale:
Emerging Media (IPL) Ltd (53%), Kelowna Investment Ltd (33.7%), Blue Water Estate Ltd (14.6%) and Shane Warne (3%).
Coming back to the Sky News report, as per the news channel, the new investors in Emerging Media had backed the $26 million fundraising (reported by TOI), which had enabled it to substantially increase its stake in the Royals.
Alongside the fundraising, Andrew Strauss, the former England cricket captain and now chair of the England and Wales Cricket Board committee responsible for developing the professional game, is understood to have agreed to join the Rajasthan Royals board of directors.
Badale has hinted that a public flotation of the Royals could be on the cards in future, telling the UK’s Financial Times during the summer: “I don’t think it will be that long until you see publicly-quoted IPL teams.”
The Royals are due to begin their IPL campaign later Tuesday with a clash against the Chennai Super Kings, one of the favourites to win the competition.
This year’s competition is being staged in the United Arab Emirates, with its timing and location both altered as a result of the global coronavirus pandemic.
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