Swedish private equity firm EQT has acquired a majority interest in Australian rugby league club Melbourne Storm, marking its first direct investment in a professional sports team according to a report by the Financial Times.
The report cites an unnamed person familiar with the deal as revealing that the transaction values the National Rugby League club at about AUD150m ($106m). EQT reportedly declined to comment on the valuation.
The Melbourne Storm is an unusual target for private equity in Australia, where most NRL clubs are controlled by their members or the league itself. The club was previously owned by News Limited, the media group formerly controlled by Rupert Murdoch.
EQT is making the investment through its mid-market opportunities strategy. The deal expands its existing sports exposure, following the firm’s $1.25bn acquisition of sports education business IMG Academy in 2023, including debt. EQT has also led a $25m investment in the six-a-side Baller League football competition.
The investment comes as Australian sport benefits from a surge in media-rights values. The NRL recently agreed a record AUD5.3bn, seven-year broadcast package with media companies including DAZN’s Foxtel. The Australian Football League has also secured a AUD4.5bn broadcast agreement.
Melbourne Storm was founded in 1998 and is the only NRL club based in Victoria. Despite the growing dominance of Australian rules football in the state, the Storm has established itself as one of rugby league’s strongest clubs.
