Corrs Chambers Westgarth and Arnold Bloch Leibler have advised on EQT’s majority investment in top National Rugby League (NRL) club Melbourne Storm, as sport cements its place as an attractive asset class for private capital.
The deal, which reportedly values the club at AUD $150m, marks the first time that EQT has made a direct investment in a sports team.
It comes after the NRL struck a broadcast rights agreement for the 2028-34 cycle with Nine Entertainment and Foxtel for AUD $5.3bn – a record-breaking figure for an Australian sports broadcasting deal.
For EQT, Corrs fielded a team led by corporate partner Ricky Casali, tech, media and telecoms head James North, and employment partner and firm chairman Stephen Price in Sydney, and real estate head Nathaniel Popelianski in Melbourne.
Melbourne Storm, one of the NRL’s most successful clubs, was advised by Arnold Bloch Leibler.
The deal – which makes EQT a majority shareholder in the club – extends the Swedish investor’s sporting portfolio, following a series of investments, including its US $1.25bn acquisition of sports education brand IMG Academy in 2023, and its US $25m investment in six-a-side football startup Baller League.
Ropes & Gray advised EQT on the previous transaction, and DLA Piper advised on the latter. Both firms are on the PE house’s panel, with Ropes on the ‘platinum’ tier and DLA on the ‘gold’ tier.
EQT was also an early backer of sports data and betting tech company Sportradar, which went public in 2021.
Subject to Australian Rugby League Commission approval, EQT will join the club’s board of directors, while chairman Matt Tripp will remain in his role.
‘The game of rugby league is as healthy as it has ever been and we want our Club to go from strength to strength,’ Tripp said of the deal. ‘A partner like EQT well and truly puts us in the best position to do that.’
EQT managing director and APAC sports and education investment lead Alexander Hansen added: ‘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.
‘We look forward to working with Matt, the Board and the Club’s leadership to build on those strengths, bringing additional resources and experience to support the people and systems that have made Storm successful.’
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