Private investment firm, RedBird Capital Partners has purchased 15% stake in Indian Premier League cricket franchise Rajasthan Royals.

The founder of Emerging Media and RedBird, Gerry Cardinale announced the stake acquisition in a joint statement on Thursday but the financial details of the transaction was undisclosed.

Cardinale in the statement said, “The IPL is a dynamic league with a global audience and forward thinking mindset regarding fan and player engagement”.

The investment firm picked up interests in the parent company of Liverpool and the Boston Red Sox by making the purchase at an undisclosed amount.

A source close that the deal placed an enterprise value on the franchise purchase at between $250 million to $300 million.

Manoj Badale said the Redbird deal was an illustration of how popular the IPL had become.

He said, “Such an investment is testament to the global standing of the IPL and India as an attractive investment destination.”

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