Private equity firm RedBird Capital Partners is reportedly looking to cash out on its 15% minority stake in Indian Premier League franchise Rajasthan Royals.
RedBird, founded by former Goldman Sachs executive Gerry Cardinale, reportedly paid $37.5 million for 15% of Rajasthan Royals four years ago, valuing the franchise at $250 million.
The firm is looking to double its money with a sale of its stake, Bloomberg reports, quoting people close to the developments.
The Royals brand is also competing in the Caribbean as the Barbados Royals and in South Africa under the Paarl Royals banner.
Rajasthan Royals is majority-owned by Emerging Media Ventures Ltd., a firm managed by venture capital firm Blenheim Chalcot and run by Manoj Badale. Lachlan Murdoch, chief executive officer of Fox Corp., also holds a small stake.
RedBird also has an interest in the Red Sox baseball team and Liverpool Football Club through its minority stake in their owner, Fenway Sports Group. It also owns Italian football club AC Milan and is a backer of Formula One team Alpine.
