Source :- THE AGE NEWS
A private equity firm that became the first private investor in tennis’ ATP tour is poised to become a part-owner of the Melbourne Storm.
EQT, a Swedish firm with more than $333 billion in assets under management, is close to completing a deal that will result in it buying a controlling share of the Storm, according to the Australian Financial Review.
This masthead contacted Storm chairman and co-owner Matt Tripp, who said he couldn’t comment because he was bound by a non-disclosure agreement. Storm CEO Justin Rodski was also contacted for comment.
The Storm are one of the most successful clubs in the NRL and one of only a handful that are privately owned. Tripp has previously made no secret of his desire to raise additional capital at a time when the value of NRL clubs, courtesy of a $5.3 billion broadcast deal, is at an all-time high.
Current owners Tripp, Bart Campbell, Gerry Ryan, Tom Carroll and Brett Ralph engaged investment bank Jeffries last year to run the sale process. Sources speaking on the condition of anonymity due to confidentiality clauses said that a firm linked to an Australian sporting icon was among the interested parties.
However, EQT – which claims to be the second-biggest private equity firm in the world based on capital raised – is likely to be the latest co-owner of the franchise.
Some estimates have valued the Storm at between $150-$200 million, a figure that places the club at the top end of Australian sporting franchises along with Collingwood in the AFL and the Brisbane Broncos in the NRL. The AFR reported that the Storm had delivered $40 million in revenue up to October 31, according to its statutory accounts.
Tripp – who owns a 33 per cent stake in the club – has previously stated that the current Storm owners had no interest in selling out, and that he was committed to remaining its chairman.
In a significant boost for Melbourne, Craig Bellamy ended speculation about his coaching future by confirming he will continue as coach next year. The veteran mentor was diagnosed in April with a form of neurodegenerative disorder, but was keen to continue in the role for a further 12 months.
“I’ll be coaching next year, but yeah, I think that that might be the end,” Bellamy said last week. “But anyway, we’ll see what happens.”
Bellamy’s decision could turn into a double win for Melbourne, given superstar playmaker Cameron Munster indicated he would recommit to the club if the coach did. Munster is a free agent from November 1, but had been given early permission to negotiate with the PNG Chiefs.
EQT acquired Fitness Passport, an Australian corporate wellness program that provides gym discounts to public-sector employees, in 2024.
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