RedBird Capital to buy stake in cricket team

RedBird Capital Partners has agreed to acquire a 15% stake in the Rajasthan Royals, a cricket team in the Indian Premier League, with the Financial Times reporting the deal values the Royals at between $250 million and $300 million. As part of the deal, Royals majority owner and venture capital veteran Manoj Badale will reportedly increase his stake in the franchise from 51% to 65%, through a separate investment vehicle dubbed Emerging Media.

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