The news: Private equity firm EQT has bought a majority stake in The Melbourne Storm, marking one of the biggest international investments in a rugby league team.
The deal was completed through EQT’s Mid-Market Opportunities fund, but financial details were not disclosed in a joint statement on Wednesday.
The Storm had been seeking a capital injection to fund upgrades to its headquarters and training facilities through a process led by investment bank Jefferies.
EQT said it would focus on expanding development programs, improving the supporter experience and attracting new commercial sponsorships.
Storm chair Matt Tripp said the club had conducted a thorough process to find the right partner to help drive its next phase of growth.
The context: Private equity firms have increasingly targeted sports assets as they expand beyond traditional corporate investments.
However, the deal is one of the first major international transactions in rugby league, which remains a niche sport globally.
EQT already owns IMG Academy in Florida, giving the firm experience in athlete performance, sports science and youth development.
The Australian Financial Review reported the deal valued the team at approximately $200 million.
What was said: “Melbourne Storm is an exceptional Club, with a proud football culture, strong leadership and a deep connection with its supporters and the community in Victoria,” Alexander Hansen, a managing director at EQT Asia Pacific, said.