(Bloomberg) — Tiger Global Management is in superior talks to purchase a stake in an Indian Premier League cricket staff in a uncommon guess on a sports activities enterprise, in response to folks acquainted with the matter.

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The firm, which managed $51 billion in the beginning of the yr, is in discussions with proprietor Emerging Media Ventures Ltd. to take a position $40 million within the Rajasthan Royals, the folks stated asking to not be named as the knowledge just isn’t public.

A spokesperson for Tiger Global declined to remark. A consultant for Emerging Media didn’t instantly reply to emails searching for feedback.

The funding would worth the Royals at about $650 million, the folks added. Described because the Super Bowl of cricket, the IPL is among the world’s fastest-growing sporting leagues, drawing in festival-like crowds and billion-dollar media offers.

Rajasthan Royals is among the ten groups that compete within the IPL match. CVC Capital Partners, one other non-public fairness agency, owns the Gujarat Titans.

Tiger Global is searching for a stake in a staff at a time when it’s grappling with probably the most difficult durations for tech buyers globally. The agency, led by Chase Coleman, is at present searching for to dump tons of of thousands and thousands of {dollars} value of personal firms into the secondary market, after it marked down its enterprise investments by about 33% final yr.

The Economic Times newspaper first reported Tiger Global’s plan to spend money on the Rajasthan Royals.

–With help from Hema Parmar.

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