In a major ownership change in Rajasthan Royals, the franchise is set to be sold to a US-based Kal Somani-led consortium for a huge sum ofย USD 1.63 billion (approx Rs 15,290 crore). The Somani consortium beat other contenders, the Times Internet-led consortium, the Aditya Birla Group and the Mittal family led by ArcelorMittal CEO Aditya Mittal to acquire 100% ownership of the franchise. This makes RR the most expensive IPL franchise, going past the Sajiv Goenka-led RPโSG Group, which paid Rs 7,090 crore to buy Lucknow Super Giants.
Somani is already a stakeholder in the Royals; however, his consortium will now have full ownership of the 2008 champions and one of the founding teams of the IPL. The sale is subject to approval from the Board of Control for Cricket India (BCCI) and will come into effect after the 2026 edition. Till now, British-Indian Manoj Badale held a 65 per cent stake in the franchise.
Who is Kal Somani? Know all about the entrepreneurย
Kal Somani’s consortium includes Rob Walton from the Walmart family and the Hamp family (Ford). Somani is a tech entrepreneur from Arizona who has founded IntraEdge, Truyo.Ai and Academian.
Apart from the IPL, Somani also has other investments in sports. He is the co-owner of the Motor City Golf Club and an initial investor in ventures like TGL Golf League and TMRW Sports.
“Kal is an existing investor in the franchise. The deal is subject to approval from the BCCI and will be signed soon. The price of USD 1.63 billion reflects how far the IPL has come as a brand,” a well-placed source told PTI.
“If you look at the sale of the latest IPL entrants, Lucknow Super Giants, it is way more than that. It just shows remarkable growth of the league,” shared another source drawing a comparison with sale of LSG to RPSG Group for little over Rs 7000 crore back in 2021.ย “I expect the deal to be announced in the next four to five days,” he added.
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