Melbourne Storm, of Australia’s top-tier National Rugby League (NRL), has secured private equity investment firm EQT as its new majority shareholder, ending a global search for investors to kickstart the club’s next phase of growth.
The acquisition, which is still subject to approval by the Australian Rugby League Commission (ARLC), will see EQT join the club’s ownership group for a reported A$150 million ($106 million).
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The club’s current leadership team, including chairman Matthew Tripp and chief executive Justin Rodski, will stay in place following the agreement, while EQT will join the club’s Board of Directors.
The exact percentage stake acquired by EQT has not been publicly disclosed, but the Storm said the club’s original co-owners will retain a minority shareholding following completion of the deal.
Melbourne Storm was founded in 1998 and was wholly owned by New Limited, the Australian arm of media mogul Rupert Murdoch’s News Corp, for its first 15 years before being sold to a private ownership group in 2013 led by Tripp.
The remaining co-owners include Bart Campbell, Tom Carroll, Gerry Ryan, and Brett Ralph, the latter of whom joined the ownership group as an investor five years ago.
The deal follows reports in July that the Storm were in talks with an overseas consortium, including a Hong Kong hedge fund, to sell a majority stake in the team for around A$160 million.
In securing EQT, the club will look to propel the Storm into its next phase of commercial growth by leveraging the company’s expertise, following the NRL’s new A$5.3 billion TV rights deal with Foxtel and Nine Network.
The new seven-year contract, which runs through 2034, is claimed to be the largest broadcast and media partnership in Australian sporting history.
Tripp said: “We conducted a thorough process to find the right partner to help us to continue driving the Club forward and are pleased to be able to do so with EQT joining our ownership group.”
“EQT brings with it some incredible credentials and the partnership will only be of benefit to our Club – we are proudly ambitious and have hopes for continued growth to keep Melbourne Storm at the top of Australian sport long into the future.
“The game of rugby league is as healthy as it has ever been and we want our Club to go from strength to strength alongside the code in the years to come.
“A partner like EQT well and truly puts us in the best position to do that.”
Sweden-based EQT, which manages $338 billion in assets, is the world’s largest private markets firm outside the US, and invests in private equity, infrastructure, and real estate.
While not the firm’s primary focus, EQT Ventures holds several sports-related investments, including the 2023 acquisition of the IMG Academy sports-education facility and a strategic investment in United Talent Agency.
In 2024, the fund invested $25 million in Series A funding into the Baller League, the digital-focused six-a-side soccer competition, its first investment solely focused on a sporting competition.
The most recent entry EQT has made in sport was also its first major sponsorship deal, partnering with tennis' elite ATP Tour, becoming the series' official private markets partner in an agreement also running through 2030.
Alexander Hansen, managing director and sports and education investment lead at EQT Asia Pacific, 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.
“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.”
Until completion, Melbourne Storm remains under its existing ownership and leadership and will continue to operate as usual.
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