The Raine Group's expertise in securing institutional credibility, creating investor value, and pioneering privatisation in new markets has made it a prominent player in cricket's unpredictable global financial landscape. Given their connection with the Indian Premier League (IPL) dating back to when the BCCI first envisioned an exercise of this scale, Raine's familiarity with the sport has only grown stronger.
The England & Wales Cricket Board's (ECB) appointment of the Raine Group, alongside financial advisers Deloitte, to manage private investments for The Hundred franchises—where Raine's mandate was to lead the transaction processes end-to-end — and Rajasthan Royals later appointing Raine as sell-side advisors for their recent, successful sale process has cemented what the globally integrated merchant bank first envisioned.
Early Involvement in Indian Cricket
In 2007-08, the Raine Group first began understanding Indian cricket when — as then advisors of the International Management Group (IMG) — they were invited to work closely with BCCI officials and some IPL franchise owners to establish a vision map for the T20 league. Ever since, their engagement with cricket has only grown over the years.
"At the time, we had a view on the opportunity, but none of us fully anticipated the scale of success the sport would go on to achieve—the level of value creation, wealth creation, and global relevance that cricket, and particularly the IPL, has developed over the years," says Jeff Sine, the co-founder and partner at Raine. While Raine primarily built its reputation in football, motorsports and entertainment, the last 24 months saw them make a deliberate and consequential pivot into cricket with The Hundred and the Royals.
The Hundred Process
In mid-2024, the ECB brought Raine on board to manage the private investment process for The Hundred's eight franchises. Their mandate was to lead the transaction process end-to-end: sourcing prospective investors globally, structuring the deal, and negotiating investment terms.
Within a year of the ECB commissioning them, the process was completed, with partnerships around The Hundred's franchises garnering a collective value in excess of £975 million, and more than £500 million in proceeds for English and Welsh cricket alongside a dedicated £50 million commitment to grassroots cricket.
Going forward, when stakeholders in the United Kingdom look back at what helped English cricket generate its own financial independence, Raine's participation in pulling investors from across the globe — IPL franchise owners, NFL proprietors, Silicon Valley tech consortia, and Indian conglomerates — will remain the benchmark.
Jason Schretter, Partner and Co-Head of EMEA at Raine, says, "The Hundred was a fantastic process and really opened our eyes to both the global investor interest in the sport and the structural opportunity within cricket as an asset class."
Rajasthan Royals Sale
The success of The Hundred process further reinforced Raine's growing focus on cricket, which subsequently extended to the IPL through its advisory role on the Rajasthan Royals’ recent sale process. Following a competitive process involving several global financial and strategic investors, the transaction was ultimately led by Lakshmi N. Mittal, who acquired a majority stake, alongside Adar Poonawalla as a minority investor. The outcome was a 6x+ appreciation in franchise value in under five years with the sale valued at over US$1.6b.
Justifying Valuations
A recurring question around this subject is whether these valuations are justified. Schretter says: "When I'm asked that question, my response is that we can very clearly justify these valuations. There is a strong underlying rationale." His argument rests both on media rights and other commercial revenue streams: "Media rights are likely to continue growing meaningfully. We have strong conviction that this is a key driver of future value along with sponsorships, merchandising and hospitality becoming more significant in the future."
The IPL's current broadcast deal (2023–2027) is worth $6.2 billion. The franchise ecosystem is also global—in the Royals' case, the acquirer gains ownership of Paarl Royals (SA20) and Barbados Royals (CPL), amplifying the multi-league commercial opportunity. Raine's investment thesis is grounded in these structural tailwinds, not speculation.
Future Outlook
Raine recently hosted an event in Mumbai to celebrate its recent successes in Cricket. The gathering, which brought together stakeholders from across the sports ecosystem, echoed Raine’s conviction about cricket's growing relevance as a global asset class. While cricket has emerged as a significant focus area for Raine, it represents just one part of their broader strategy to identify and shape opportunities across media, entertainment and technology in India and around the world.
