Ares Management is in early-stage discussions regarding a potential minority stake in the Kolkata Knight Riders, an Indian Premier League cricket team owned by actor Shah Rukh Khan, according to people familiar with the matter.
The U.S.-based global alternative asset manager has held preliminary talks about the investment but has not made a final decision on the transaction, the sources said. No financial terms or valuation details have been disclosed.
The Kolkata Knight Riders, one of the league's eight franchises, compete in the world's most valuable cricket league, the Indian Premier League, which has seen franchise valuations rise sharply in recent years amid surging broadcast and sponsorship revenue. The team's ownership structure has not been publicly updated in recent years, and the franchise has not commented on the reported discussions.
Ares Management, which manages over $500 billion in assets under management, has expanded its investments in sports and entertainment assets globally, though no timeline has been set for any potential deal involving the Kolkata Knight Riders.
