(Bloomberg) -- Tiger Global Management is in advanced talks to buy a stake in an Indian Premier League cricket team in a rare bet on a sports business, according to people familiar with the matter.
The company, which managed $51 billion at the beginning of the year, is in discussions with owner Emerging Media Ventures Ltd. to invest $40 million in the Rajasthan Royals, the people said asking not to be named as the information is not public.
A spokesperson for Tiger Global declined to comment. A representative for Emerging Media didn't immediately respond to emails seeking comments.
The investment would value the Royals at about $650 million, the people added. Described as the Super Bowl of cricket, the IPL is one of the world's fastest-growing sporting leagues, drawing in festival-like crowds and billion-dollar media deals.
Rajasthan Royals is one of the ten teams that compete in the IPL tournament. CVC Capital Partners, another private equity firm, owns the Gujarat Titans.
Tiger Global is seeking a stake in a team at a time when it is grappling with one of the most challenging periods for tech investors globally. The firm, led by Chase Coleman, is currently seeking to offload hundreds of millions of dollars worth of private companies into the secondary market, after it marked down its venture investments by about 33% last year.
The Economic Times newspaper first reported Tiger Global's plan to invest in the Rajasthan Royals.
--With assistance from Hema Parmar.
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