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The majority-owner of the Rajasthan Royals Indian cricket franchise has struck a deal to sell a stake at a $650m valuation, underlining the surge in investor interest in the sport’s newest formats.

Sky News has learnt that Emerging Media Ventures (EMV) is raising $80m from the sale of shares to US-based fund Footpath Ventures.

Heritage Advisors, a family office, and Tiger Global, the prominent American hedge fund, are investing an unspecified additional sum, according to insiders.

The new shareholders will gain exposure to the Royals, one of the Indian Premier League (IPL) franchises benefiting from booming international audiences.

One source said the deal with EMV, which also owns other sports and media assets, implied an overall valuation for the Rajasthan Royals franchise of about $800m.

Joe Root, the former England Test captain, was part of the Royals’ 2023 IPL squad this year, although he has opted not to play in next year’s tournament.

Jos Buttler, the current one-day England skipper, also played for the team, which finished in fifth place out of the ten competing franchises.

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England's Jos Buttler bats during the T20 World Cup cricket semifinal between England and India in Adelaide, Australia, Thursday, Nov. 10, 2022. (AP Photo/James Elsby)
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England’s ODI captain Jos Buttler is due to play for RR in the coming IPL

In 2022, the Royals finished as runners-up behind the Gujarat Titans.

EMV is managed by Blenheim Chalcot, a London-based venture builder which is a shareholder in tech companies such as Liberis, SalaryFinance and Modulr.

It was also the creator of ClearScore, the prominent credit-scoring business.

Manoj Badale, the Blenheim Chalcot founder, owns a stake in EMV alongside RedBird Capital, the US-based owner of AC Milan, and media executive Lachlan Murdoch.

The Royals’ rising valuation reflects a slick marketing operation which has fuelled international television audiences and attendances at IPL matches in recent years.

In June 2022, the competition’s media rights were sold for more than $6bn, underlining its status as the most lucrative in global cricket.

Among the broadcasters which paid for the rights were Walt Disney-owned Star India and Viacom18, which is backed by the Indian billionaire Mukesh Ambani.

In the UK, the IPL was broadcast this year by Sky Sports – which is part of the same company as Sky News – and DAZN, the streaming platform.

EMV did not respond to a request for comment.

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Israel approves plan to seize all of Gaza and hold it indefinitely, officials say

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Israel approves plan to seize all of Gaza and hold it indefinitely, officials say

Israel has approved a plan to capture all of the Gaza Strip and remain there for an unspecified length of time, Israeli officials say.

According to Reuters, the plan includes distributing aid, though supplies will not be let in yet.

The Israeli official told the agency that the newly approved offensive plan would move Gaza’s civilian population southward and keep humanitarian aid from falling into Hamas’s hands.

On Sunday, the United Nations rejected what it said was a new plan for aid to be distributed in what it described as Israeli hubs.

Israeli cabinet ministers approved plans for the new offensive on Monday morning, hours after it was announced that tens of thousands of reserve soldiers are being called up.

Prime Minister Benjamin Netanyahu has so far failed to achieve his goal of destroying Hamas or returning all the hostages, despite more than a year of brutal war in Gaza.

Palestinian children struggle to get donated food at a community kitchen in Khan Younis, Gaza Strip, Saturday, May 3, 2025. (AP Photo/Abdel Kareem Hana)
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Palestinian children struggle to get donated food at a community kitchen in Khan Younis, Gaza. Pic: AP

Officials say the plan will help with these war aims but it would also push hundreds of thousands of Palestinians to southern Gaza, exacerbating an already dire humanitarian crisis.

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They said the plan included the “capturing of the strip and the holding of territories”.

It would also try to prevent Hamas from distributing humanitarian aid, which Israel says strengthens the group’s rule in Gaza.

The UN rejected the plan, saying it would leave large parts of the population, including the most vulnerable, without supplies.

It said it “appears designed to reinforce control over life-sustaining items as a pressure tactic – as part of a military strategy”.

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More than 52,000 Palestinians have been killed since the IDF launched its ground offensive in the densely-populated territory, according to the Hamas-run health ministry.

It followed the deadly Hamas attacks on Israel, which killed 1,200 people and saw around 250 people taken hostage.

A fragile ceasefire that saw a pause in the fighting and the exchange of Israeli hostages and Palestinian prisoners collapsed earlier this year.

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At least 15 injured in ‘US-British’ strike on Yemeni capital, according to Houthi group

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At least 15 injured in 'US-British' strike on Yemeni capital, according to Houthi group

Yemen’s Houthi rebel group has said 15 people have been injured in “US-British” airstrikes in and around the capital Sanaa.

Most of those hurt were from the Shuub district, near the centre of the city, a statement from the health ministry said.

Another person was injured on the main airport road, the statement added.

It comes after Israeli Prime Minister Benjamin Netanyahu vowed to retaliate against the Houthis and their Iranian “masters” following a missile attack by the group on Israel’s main international airport on Sunday morning.

It remains unclear whether the UK took part in the latest strikes and any role it may have played.

On 29 April, UK forces, the British government said, took part in a joint strike on “a Houthi military target in Yemen”.

“Careful intelligence analysis identified a cluster of buildings, used by the Houthis to manufacture drones of the type used to attack ships in the Red Sea and Gulf of Aden, located some fifteen miles south of Sanaa,” the British Ministry of Defence said in a previous statement.

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On Sunday, the militant group fired a missile at the Ben Gurion Airport, sparking panic among passengers in the terminal building.

The missile impact left a plume of smoke and briefly caused flights to be halted.

Four people were said to be injured, according to the country’s paramedic service.

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Netanyahu vows to retaliate against Houthis and Iran after missile attack

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Netanyahu vows to retaliate against Houthis and Iran after missile attack

Israeli Prime Minister Benjamin Netanyahu has vowed to retaliate against the Houthis and their Iranian “masters” after the group launched a missile attack on the country’s main international airport.

A missile fired by the group from Yemen landed near Ben Gurion Airport, causing panic among passengers in the terminal building.

“Attacks by the Houthis emanate from Iran,” Mr Netanyahu wrote on X. “Israel will respond to the Houthi attack against our main airport AND, at a time and place of our choosing, to their Iranian terror masters.”

Pic: Reuters
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Israeli police officers investigate the missile crater. Pic: Reuters

The missile impact left a plume of smoke and briefly halted flights and commuter traffic at the airport. Some international carriers have cancelled flights to and from Tel Aviv for several days.

Four people were lightly wounded, paramedic service Magen David Adom said.

Air raid sirens went off across Israel and footage showed passengers yelling and rushing for cover.

The attack came hours before senior Israeli cabinet ministers were set to vote on whether to intensify the country’s military operations in the Gaza Strip, and as the army began calling up thousands of reserves in anticipation of a wider operation in the enclave.

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Houthi military spokesperson Brigadier General Yahya Saree said the group fired a hypersonic ballistic missile at the airport.

Iran’s defence minister later told a state TV broadcaster that if the country was attacked by the US or Israel, it would target their bases, interests and forces where necessary.

Israel’s military said several attempts to intercept the missile were unsuccessful.

Air, road and rail traffic were halted after the attack, police said, though it resumed around an hour later.

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Yemen’s Houthis have been firing missiles at Israel since its war with Hamas in Gaza began on 7 October 2023, and while most have been intercepted, some have penetrated the country’s missile defence systems and caused damage.

Israel has previously struck the group in Yemen in retaliation and the US and UK have also launched strikes after the Houthis began attacking international shipping, saying it was in solidarity with Palestinians over Israel’s war with Hamas.

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