Key Takeaways
- • EQT, a Swedish private equity firm with $333 billion in assets under management and the largest investor in ATP tennis, is completing a controlling stake acquisition in the Melbourne Storm, an Australian rugby league franchise valued between $150–$200 million.
- • The Storm franchise has generated $40 million in revenue (as of October 31, 2025) and benefits from a record $5.3 billion broadcast deal, positioning the club at the top tier of Australian sporting franchises alongside Collingwood (AFL) and the Brisbane Broncos (NRL).
- • Current owners Matt Tripp (33% stake), Bart Campbell, Gerry Ryan, Tom Carroll, and Brett Ralph engaged investment bank Jeffries to run the sale process, with EQT emerging as the preferred buyer after competing interest from other parties including a firm linked to an Australian sporting icon.
- • Coach Craig Bellamy confirmed his continued leadership through next season, providing operational stability despite his April 2026 diagnosis with a neurodegenerative disorder, reducing execution risk for the incoming PE ownership.
Summary
EQT, the Swedish private equity firm that pioneered institutional capital deployment in professional tennis through its ATP tour investment, is poised to acquire a controlling stake in the Melbourne Storm, one of Australia's most valuable sporting franchises. The transaction represents EQT's entry into the rugby league sector and caps a competitive sale process initiated by current ownership last year through investment bank Jeffries.
The Storm's valuation sits between $150–$200 million, placing it among Australia's highest-valued sports franchises. The franchise has demonstrated financial strength, delivering $40 million in revenue through October 2025. Critically, the club stands to benefit from a record $5.3 billion broadcast deal, providing substantial revenue visibility for new ownership. This media rights foundation, combined with the Storm's operational performance, underpins the valuation and appeal to institutional capital.
Current ownership—comprising Matt Tripp (33% shareholder and chairman), Bart Campbell, Gerry Ryan, Tom Carroll, and Brett Ralph—initiated the sale process despite Tripp's previous public statements about commitment to the franchise. Sources indicated multiple interested parties competed for the stake, including a firm connected to a prominent Australian sporting figure. EQT's institutional scale, $333 billion in assets under management, and track record in sports investing positioned it as the likely successful bidder.
Operationally, Melbourne's outlook is bolstered by coach Craig Bellamy's commitment to continue through the next season. Following his April 2026 diagnosis with a neurodegenerative disorder, Bellamy's decision to remain provides continuity and mitigates transition risk for incoming ownership. This stability offers EQT an established coaching foundation and reduces operational disruption during the transition period.
The Storm's valuation sits between $150–$200 million, placing it among Australia's highest-valued sports franchises. The franchise has demonstrated financial strength, delivering $40 million in revenue through October 2025. Critically, the club stands to benefit from a record $5.3 billion broadcast deal, providing substantial revenue visibility for new ownership. This media rights foundation, combined with the Storm's operational performance, underpins the valuation and appeal to institutional capital.
Current ownership—comprising Matt Tripp (33% shareholder and chairman), Bart Campbell, Gerry Ryan, Tom Carroll, and Brett Ralph—initiated the sale process despite Tripp's previous public statements about commitment to the franchise. Sources indicated multiple interested parties competed for the stake, including a firm connected to a prominent Australian sporting figure. EQT's institutional scale, $333 billion in assets under management, and track record in sports investing positioned it as the likely successful bidder.
Operationally, Melbourne's outlook is bolstered by coach Craig Bellamy's commitment to continue through the next season. Following his April 2026 diagnosis with a neurodegenerative disorder, Bellamy's decision to remain provides continuity and mitigates transition risk for incoming ownership. This stability offers EQT an established coaching foundation and reduces operational disruption during the transition period.
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