At 73 mn dollars, Rajasthan Royals makes greatest year-on-year gainJune 5th, 2009 - 2:14 pm ICT by ANI
Sydney, June 5 (ANI): The value of Rajasthan Royals, the cheapest of eight franchises sold before the start of the Indian Premier League, has translated into a capital yield of 73 million dollars, making it the greatest one-year gain of any sports team in its first year of existence.
Shane Warne’s brilliant efforts in leading his group of unknown players to cricket’s richest prize must surely rank him alongside Michael Jordan and David Beckham as a King Midas of team sports.
Rajasthan Royals owned by Emerging Media, of which Murdoch holds a stake of roughly 12 per cent, was sold at 67 million dollars.
But buoyed by the team’s victory in IPL first edition, Bollywood actress Shilpa Shetty bought an 11.7 per cent stake earlier this year for nearly 17 million dollars, which has taken the overall value of the team to more than 140 million dollars.
Murdoch’s share, originally 870,000 dollars, has skyrocketed in value to 15 million dollars.
The Sydney Morning Herald reports that Murdoch is unlikely to seek a greater share in the franchise despite the windfall, with sources suggesting he prefers to retain minor stakes in such investments.
IPL commissioner Lalit Modi said the incredible surge in value of the Royals indicated his league was recession-proof.
“The stake sale translates into an astronomical figure in terms of capital appreciation for Emerging Media. In my view, this is probably the highest appreciation for any franchise in the history of modern-day sports,” Modi said.
A spokesman for Murdoch did not dispute the claim, although he added the valuation was not a reflection of true dollar earnings.
“It was a big gain in percentages, certainly in dollar terms it’s nothing like a baseball franchise, but in percentages it could well be,” the spokesman added.
Rajasthan failed to emulate their first-season success, finishing sixth this year. (ANI)
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