STOCKHOLM--Swedish buyout group EQT has taken a majority stake in Australian rugby league club Melbourne Storm.

It marks EQT's first move into sports team ownership, but comes after it bought U.S.-based IMG Academy in 2023, a sports-based boarding school that trains promising athletes, and it has also previously led a $25 million investment round in six-a-side soccer competition Baller League.

The deal announced Wednesday follows a process by Melbourne Storm to find a strategic partner to invest as it seeks to strengthen its sporting program and player development, enhance the matchday experience, and attract new sponsorships and partnerships.

Subject to Australian Rugby League Commission approval, EQT will join members of Storm's ownership group on the board of directors.

Matt Tripp will remain chairman of the club, while Chief Executive Justin Rodski, Head Coach Craig Bellamy and Director of Football Frank Ponissi will all continue to lead the club's operations, it said.

Until completion, Melbourne Storm remains under its existing ownership and leadership and will continue to operate as usual.

Financial terms weren't disclosed.