Rajasthan Royals Looking For New Investors As It Prepares For A Fresh Start
Jul 21, 2017 at 2:49 PM
The Story
Two of the most popular Indian Premier League (IPL) franchises, Rajasthan Royals and Chennai Super Kings are an asset for a massive comeback in the upcoming season after their two-year suspension imposed by the Supreme Court expired with the culmination of the 10th season.
Fans, as anticipated, are highly excited about the return of the two of the most distinguished side of the league. For the team owners, it will the now time for reconstructing everything – the brand, the fan base, the reputation – yet again.
Royals interested in getting more investor onboard
Rajasthan Royals has been busy mulling over the possibilities of potential buyers investors. They will take the final decision once the IPL media rights tendering is over. The news was confirmed by Royals’ co-owner Manoj Badale while speaking to TOI this week.
Speaking to this paper from London on Thursday (July 20), Badale said:
“Yes, quite a few corporates have reached out to us with communicating an expression of interest to buy a stake in RR.” However, he refused to confirm that a meeting had indeed taken place in London last month between the owners of the Royals franchise and the owners of Rising Pune Supergiant – a franchise owned by the RPG Sanjiv Goenka Group – which is now technically defunct.
The overall valuation of the IPL has been at an all-time high in recent months with the league claiming an increase in viewership, a reason why Badale may not be putting all his cards on the table yet.
“In such a scenario, such reports (of stake sale) are bound to erupt. However, we have been receiving several expressions of interests from corporates who are interested in buying a stake in our franchise. However, we shall abide the process of law and BCCI rules and regulations,” he said.
Change in stakeholders
Two years ago, the franchise changed its shareholding pattern with co-owner Suresh Chellaram – ex-IPL commissioner Lalit Modi’s co-brother-in-law -transferring his stake to his daughter Amisha.
“Raj Kundra (also) voluntarily exited as a shareholder, post the Supreme Court verdict on the allegations made by Delhi police. The shareholding is held between me, Amisha Chellaram and Lachlan Murdoch. Kundra’s shares were acquired back by the company,” Badale said.
Hoping for a fresh start
The franchise hopes to begin its next stint on a fresh note, sans all controversies. “Certainly, controversies have touched us at various junctures, however, we have always been a favourite team of millions of fans because of our ethos of nurturing young talent. It was always our intent to play good cricket, we shall strive to do that going forward and not think about controversies,” Badale said.