Swedish private equity group EQT has taken a majority stake in the Melbourne Storm, one of Australia's top rugby league clubs, in a rare sports sector deal valuing the club at A$150mn ($106mn). The club was previously owned by Rupert Murdoch's News Limited, and the transaction is unusual as most NRL teams are member-controlled.

This marks EQT's first direct sports team investment as it expands its sports portfolio, following its 2023 acquisition of IMG Academy for $1.25bn and a $25mn stake in the Baller League. The deal comes after the NRL secured a record A$5.3bn seven-year broadcast deal with media companies including Foxtel, making Australian sports highly profitable.

Melbourne Storm chair Matt Tripp will remain a shareholder and said funds will strengthen facilities and develop local talent. Sports economist Tim Harcourt noted the Storm's unique position as Victoria's only NRL club with broad appeal, unlike AFL's heated rivalries. The NRL is also expanding with new teams in Papua New Guinea and Perth.

EQT's infrastructure arm is also active in Australia, recently linked to a near-A$10bn offer for waste-disposal company Cleanaway, highlighting the firm's growing Australian footprint.