Rajasthan Royals on February 3 announced that Raj Kundra, CEO, Essential General Trading LLC, and actress Shilpa Shetty, who is also CEO of S2 Global Productions Pvt Ltd, have bought a 12 per cent stake in the Indian Premier League (IPL) team and the champions of the inaugural IPL tournament in 2008. Shetty and Kundra are reportedly set to invest $15.4 million in the team, which is led by former Australian cricketer Shane Warne.
Manoj Badale, Chairman and joint owner of Rajasthan Royals, said, “The selling of this stake is part of our long term strategic approach to build Rajasthan Royals into a global sports development infrastructure; international expansion, and to also support continued investment in our playing staff.”
Kundra said, “The benefits to us investing in this venture were to complement the assets of last year’s professionally managed champions.”
Shetty said, “We have taken a strategic approach by investing in Rajasthan Royals, whose brand associations we strongly associate with.”
The franchisee has been offering various products such as jerseys, practice T-shirts, bags, sporting goods, team caps and autographed bats as merchandise.