New Delhi: Rajasthan Royals (RR) is set to become the most expensive franchise in the history of the Indian Premier League (IPL) after reportedly being sold for a whopping $1.63 billion (approximately Rs 15,287 crore). A consortium led by US-based entrepreneur Kal Somani has won the bid to acquire the IPL franchise that won the inaugural edition of the tournament in 2008.
Somani was already a minority stakeholder in the franchise. As per the Times of India, the consortium led by him consists of American businessman Rob Walton of the Walmart family and the Hamp family, which also owns a majority stake in the NFL franchise Detroit Lions in the US.
The consortium put in a winning bid of $1.63 billion for the complete takeover of the franchise. The sale process is expected to conclude after the end of the upcoming IPL 2026 season. The sale will only be completed after the final approval from the BCCI, which will conduct its own regulatory checks.
Somani is the founder of tech giants like IntraEdge, Truyo and Truyo AI. He held a minority stake in the Rajasthan Royals as part of the previous ownership structure, which was led by British-Indian entrepreneur Manoj Badale. Badale held the majority stake in the franchise through his company – Emerging Media Ventures, with minority stakes held by RedBird Capital Partners and Lachlan Murdoch.
Rajasthan Royals were one of the two IPL franchises in talks with prospective owners for a complete sale for the last few months. March 16 was the deadline for all parties to submit binding bids for the franchise, which was valued at over $1 billion. The $1.63 billion sale of the franchise marks the investors’ confidence in the franchise and the IPL as a tournament overall.