Tiger Global, a company well-known for its investments in tech-related businesses, is in negotiations to acquire a share in the Indian Premier League (IPL) team Rajasthan Royals. Manoj Badale, a resident of the UK, is the owner of Rajasthan Royals, or RR, and has had a 60% majority interest since acquiring the rights in 2008.
The Economic Times said, citing sources, that the New York-based investor intends to contribute $40 million to Rajasthan Royals, who are valued at $650 million. According to insiders, the transaction is almost finished.
According to the article, the money infusion may be direct or indirect; Tiger Global may support one of Rajasthan Royals' shareholders. The investor was looking for prospects in the IPL when the arrangement with the Rajasthan Royals was reached. This would mark Tiger Global's departure from the well-known realm of online commerce. E-commerce behemoth Flipkart received early support from Tiger Global.
The investor allegedly had discussions with other franchises as well, but the financial daily claimed that the Rajasthan Royals transaction was more likely to go through soon.
According to the report, a representative for the Rajasthan Royals rejected any reports of transactions, and Tiger Global stated that they had nothing further to add.
In a secondary transaction in 2021 that valued Rajasthan Royals at more than $250 million, US-based RedBird Capital acquired shares.
Tiger Global, well-known for funding businesses like Flipkart, Zomato, Ola, and Delhivery among others, now owns a share in the largest provider of online fantasy sports, Dream Sports, which operates Dream 11.