Krafton, a South Korean gaming giant that has produced successful titles like PUBG and BGMI, is in talks to buy a stake in the Rajasthan Royals. This acquisition would be a significant entry for the company into mainstream sporting, which could completely alter their long-term prospects in India.
A Major Move in Krafton’s India Strategy
This, for Krafton, isn’t a random investment but a strategic jump. The company showed no signs of leaving India even when the Indian government banned PUBG in 2020. The company went ahead and developed a new version of the game, named BGMI, which is customized for the Indian market. The payoff has been immense as BGMI remains in the list of topmost downloaded as well as grossing apps in India.
Krafton being drawn into a part of an IPL team opens a completely different domain for it. This is a fusion of gaming, e-sports, sports, and entertainment, which are domains that are blurring into each other. Being a brand that has a deep connection with India’s youth, a part of an IPL team fits like a glove with it.
Why Rajasthan Royals Need This Now
Timing couldn’t come at a more opportune moment for Royals. The Royals are presently undergoing a major overhaul in their ownership structure, from searching for new equity partners in their fold to selling a majority stake. Reports suggest that their value has now broken the $1 billion barrier, which has propelled them to elite status, only second to Mumbai Indians and Chennai Super Kings.
The current owners of Royals are Emerging Media, which is controlled by Manoj Badale, with a 65% stake. Global giants RedBird Capital and Lachlan Murdoch are also investors among those in this group. Getting all of them on board would be needed by any potential buyer, and with different priorities for all of them, it won’t be a easy task.
A Wave of Global Interest in the IPL
Krafton isn’t alone in this acquisition. Some other foreign funds are also allegedly searching for opportunities with Royals. This goes to show that the IPL has metamorphosed from being a cricket league into being a major sporting property that has a lot of moolah to offer.
An IPL Ownership Shake-Up?
However, the larger picture that is even more interesting pertains to the Royals themselves. While this franchise is searching for a new buyer, there’s yet another major team, known as the Royal Challengers Bengaluru, that has been put on sale. A potential buyer in this acquisition has been identified as someone named Adar Poonawalla, who runs a company called the Serum Institute. This could possibly mark a new beginning in terms of consolidation in the world of IPL.
What’s Next
A gaming behemoth entering the fold as an owner of an IPL team proves that it has become extremely difficult to separate sport from digital entertainment and if this acquisition goes through, it would not only affect the ownership structure of Royals, but it has potential implications for how technology and gaming giants perceive Indian sports.
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