Rajasthan Royals owners buy CPL’s Barbados Tridents
Royals Sports Group expands portfolio beyond IPL franchise.t
Tridents to be rebranded as Barbados Royals
Rajasthan Royals are third IPL team to invest in a CPL franchise, joining the Kolkata Knight Riders and Punjab Kings
Deal comes in same week that RSG appointed new CEO to oversee investments in other cricket properties and sports ventures
Royals Sports Group (RSG), the owners of the Rajasthan Royals Indian Premier League (IPL) cricket franchise, has acquired a majority stake in the Caribbean Premier League’s (CPL) Barbados Tridents.
The deal will see the Tridents, who were crowned champions of the CPL Twenty20 tournament in 2014 and 2019, renamed the Barbados Royals.
The agreement makes the Royals the third IPL franchise to invest in a CPL team after Red Chillies Entertainment, which owns the Kolkata Knight Riders, purchased the Trinbago Knight Riders in 2015, and the St Lucia Zouks were sold to the owners of the Punjab Kings last year.
RedBird Capital pays ‘US$37.5m’ for 15% Rajasthan Royals stake
RSG described the acquisition of the Tridents as a ‘strategic step’ as it looks to expand its portfolio beyond the Royals IPL team. The deal was announced in the same week that Mike Fordham was appointed chief executive of RSG to scale the group’s expansion efforts and oversee its investments in other cricket properties and sports ventures.
The acquisition also comes shortly after US private investment firm RedBird Capital Partners acquired a 15 per cent stake in the Royals in a deal valuing the IPL team at a reported US$250 million.
Manoj Badale, RSG’s chairperson and the lead owner of the Rajasthan Royals, said: “We are extremely grateful to the Barbados government for their continued support, and we look forward to making a positive impact on both cricket and tourism for the country. We have ambitious plans for the Royals brand globally, and this is an important strategic step.”
The Barbados Royals are due to start the upcoming CPL campaign against St Kitts & Nevis Patriots on 26th August.