October 20, 2018 9:56:38 pm
Reliance Industries chairman, Mukesh Ambani, has emerged as the world richest sports team owner, pushing former Microsoft CEO Steve Ballmer to the second spot, according to the Forbes list of the world’s richest sports team owners.
Ambani, who chairs a $51 billion oil and gas industry, owns the Mumbai Indian cricket team in the Indian Premier League (IPL). He jumped the ranking after Reliance’s stock went up 80%, pushing his revenue to $40.2 billion from $23.2 billion a year ago. According to Forbes, Ambani is the richest person in India and his fortune ranks 19th among the world’s billionaires.
According to CNBC, with a 40 per cent stake in Reliance, Ambani is the largest shareholder in the company and acts as chairman and managing director. His success in running the company more than doubled his net worth from $23.2 billion just last year.
Ambani purchased the Mumbai Indians through a Reliance subsidiary in 2008 for just over $100 million, making him the wealthiest cricket team owner. The billionaire also owns a residential property worth more than $400 million, according to Bloomberg. The team has been performing well in the cricket circuit and won the IPL thrice in 2013, 2015 and 2017. The team also performed well in the Champions League tournament and won 2011, 2013 editions.
The list was previously topped by Ballmer with net revenue of $38.4 billion. He bought the Los Angeles Clippers for $2 billion in the year 2000 and had been the world’s richest sports team owner for past three years. Ballmer’s fortune jumped $8.4 billion over the last 12 months to $38.4 billion, as Microsoft registered a rise of 38 per cent in its share prices.
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