National, January 15, 2021: Rajasthan Royals today announced that their
lead investor, Emerging Media IPL Limited ("EMIPL"), has increased
its shareholding to over 50% in the IPL cricket franchise. EMIPL, which is
owned and 100% 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 Ed Wray, a director of Funding Circle”.
have
invested, as well as Arizona-based tech entrepreneurs Kal Somani, Simer Mayo
and Mihir Patel.
Speaking
on the occasion, Mr. 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, Manoj 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 & 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.”
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