New Delhi [India], January 15 (ANI): Indian Premier League (IPL) franchise Rajasthan Royals on Friday announced that their lead investor, Emerging Media IPL Limited (EMIPL), has increased its shareholding to over 50 per cent in the IPL cricket franchise. EMIPL, which is owned and 100 per cent controlled by Manoj Badale, has successfully concluded an equity fundraise for this purpose.
Funds were raised from a small number of new individual investors, including Ian McKinnon, one of the founding partners of TEAM8, a leading sports and entertainment company and the creator of the Laver Cup, UK business leaders including BT CEO Phil Jansen, FutureLearn and Network International Chairman Ron Kalifa and Betfair founder Ed Wray have invested, as well as Arizona-based tech entrepreneurs Kal Somani, Simer Mayo and Mihir Patel.
Speaking on the occasion, Kal Somani said, "We see huge potential with this investment, and we are excited for the future of the IPL."Manoj Badale welcomed the new investors and said, "Investors are now recognising the value of sports franchises. EMIPL's increased ownership of the franchise and expanded network of US-based, value-add investors presents an exciting opportunity to drive the growth of both the Rajasthan Royals and the IPL."Following the transaction, Badale continues in his role as lead owner of the franchise.
Rajasthan Royals has also appointed Mike Fordham as the Group Chief Executive Officer. Mike has over 16 years' experience working with leading sports organisations around the world and was a key part of the IMG team that developed the IPL with BCCI. He also led the development of The Hundred for the England and Wales Cricket Board.
Ranjit Barthakur, Chairman of RMPL, welcomed Mike to the franchise on behalf of its Board of Directors: "Mike is the ideal CEO to lead the Royals through our next chapter of growth and success. Mike has a wealth of experience of India and the commercial aspects of Indian sports. We are excited to have him in our team." (ANI)