Swedish private equity firm EQT has become the majority shareholder in the Melbourne Storm, an Australian National Rugby League (NRL) club. The deal, which values the team at about $200 million, was confirmed by Storm chairman Matthew Tripp. While the exact size of EQT's stake was not disclosed, reports suggest a valuation closer to A$150 million ($106 million) for the acquisition. This investment follows a capital-raising process initiated by the Storm, advised by investment bank Jefferies, to upgrade its headquarters and training facilities.
EQT's investment is intended to strengthen the club's football program and player pathways, enhance the matchday and fan experience, attract new commercial sponsorships and global partnerships, and further the growth of rugby league in Victoria. EQT brings a strong track record in the sports sector, notably through its ownership of IMG Academy, which offers expertise in athlete performance, sports science, and digital data. The firm also has a wider network across sports, media, and technology that the Storm plans to leverage for commercial growth.
The current leadership team, including Chairman Matt Tripp, CEO Justin Rodski, Head Coach Craig Bellamy, and Director of Football Frank Ponissi, will remain in their positions to ensure continuity. EQT will also have representatives on the Board of Directors, subject to approval from the Australian Rugby League Commission (ARLC). The deal represents a significant step for the Storm, aiming to capitalize on the NRL's recent seven-year, A$5.3 billion broadcast and media rights deal with Foxtel and Nine Network, the largest in Australian sporting history.
EQT, founded in Sweden in 1994, is a global investment firm with $291 billion in total assets under management as of June 30, 2026. The firm emphasizes an active, multi-year approach to ownership, focusing not only on financial performance but also on the club's people, identity, members, supporters, and community relationships. Other existing co-owners of the Melbourne Storm, including Bart Campbell, Tom Carroll, Gerry Ryan, and Brett Ralph, will retain a minority shareholding.
