The sale is over. A consortium led by Kal Somani has acquired the Indian Premier League (IPL) franchise Rajasthan Royals for USD 1.63 billion. According to the Times of India, Somani has received backing from American businessman Rob Walton, of the Walmart family, and the Hamp family, which also has majority stakes in the NFL’s Detroit Lions. As a result of this sale, the Royals have become the first IPL team to be sold for more than USD 1 billion.
Earlier, Sanjiv Goenka’s RPSG group had acquired the Lucknow Super Giants for USD 940 million, while the Torrent group purchased a 67 per cent stake in the Gujarat Titans for USD 575 million.
The current owners of the Rajasthan Royals have been in talks to sell 100 per cent of the team for the past six months. The deal has been officially signed, and formalities are expected to be completed before the conclusion of the IPL 2026 season. A formal takeover will be completed once the upcoming 19th edition of the T20 tournament concludes.
It is worth noting that Somani, a US-based entrepreneur, has held a minority stake in the Rajasthan Royals until now. It is worth noting that Somani has led enterprises in education technology, data privacy, AI governance and sports technology. He is also the founder of global giants such as IntraEdge, Truyo, Truyo.AI and Academian. He is also the co-owner of Motor City Golf Club and is an early investor in TMRW Sports and TGL Golf League.
“We see huge potential with this investment and are excited for the future of the IPL,” Somani had said in 2021 when he invested in the Royals.
Previously, the Royals were owned by Emerging Media Ventures, led by British Indian businessman Manoj Badale. Before the inaugural season of the IPL, the Royals were among the eight starting franchises to play in the first-ever season of the IPL. Before the 2008 IPL, the Rajasthan-based franchise was bought by Emerging Media Ventures for USD 67 million. They were the cheapest franchise sold by BCCI ahead of the inaugural edition.
RCB sale to be completed soon
The Royals are not the only franchise to go for USD 1 billion. The Royal Challengers Bengaluru (RCB) are expected to go for a much higher sum when the franchises’ sale ends later this year.
The final bid value for RCB is expected to exceed USD 2 billion.
