Rajasthan Royals Sold for $1.63 Billion in IPL Record Deal

A consortium led by U.S.-based entrepreneur Kal Somani has acquired the Rajasthan Royals, one of the Indian Premier League's original franchises, for $1.63 billion, marking the most expensive sale in the league's history. The deal, announced ahead of the 2026 IPL season, will transfer full ownership after the upcoming tournament concludes, pending approval from the Board of Control for Cricket in India.

Somani, a Scottsdale, Arizona, serial entrepreneur with roots in India's technology sector, spearheaded the purchase after serving as a minority investor in the team since 2021. The acquisition ends the tenure of British-Indian businessman Manoj Badale, who held a 65 percent stake through Emerging Media Ventures, alongside other investors including RedBird Capital Partners and Lachlan Murdoch. Negotiations, advised by investment bank The Raine Group, spanned six months and drew interest from several prominent groups, such as a partnership involving the Aditya Birla Group and U.S. sports investor David Blitzer, as well as the family behind ArcelorMittal and a Times Internet-led consortium.

The buying group includes Rob Walton, heir to the Walmart fortune and owner of the NFL's...