New Delhi, March 24: Reports indicate that the Rajasthan Royals, the inaugural champions of the Indian Premier League (IPL), have been sold to a consortium led by American businessman Kal Somani for $1.63 billion.

Renowned commentator Harsha Bhogle noted on the social media platform ‘X’, “Rajasthan Royals has been sold for $1.63 billion. For comparison, the London Spirit, which was the most expensive team, had a valuation of $370 million at the time of its stake sale in The Hundred.”

Kal Somani already held a stake in Rajasthan Royals. Over the past 15 years, he has launched several ventures focused on ed-tech, data privacy, AI governance, and sports tech. His involvement in sports includes co-ownership of the Motor City Golf Club and early investments in businesses like TeamMRW Sports and GGL Golf League.

According to a report by NDTV Profit, the deal has been finalized and is expected to be completed after the IPL 2026 tournament. This acquisition is supported by the Walmart family’s Rob Walton and the Hamp family, who hold a majority stake in the Detroit Lions. Additionally, Sheila Ford Hamp, a member of the Ford family, is also associated with this group.

The report claims that the current champions, Royal Challengers Bengaluru (RCB), which is also up for sale, may see its deal finalized soon. Interested parties in acquiring RCB include Blackstone, the Aditya Birla Group, and a partnership led by David Blitzer. Furthermore, the Manipal consortium, led by Ranjan Pai and including Kohlberg Kravis Roberts and Temasek, is also in the running, along with Sweden’s private equity firm EQT.

Previously, a report from ‘State of Play’ suggested that nine parties had placed bids ranging from $1 billion to $1.8 billion, indicating significant interest in the RCB franchise. The Glazer brothers, owners of Manchester United, are also believed to be among the highest bidders. In January, pharma tycoon Adar Poonawalla stated that he would make a “strong and competitive” bid to acquire RCB.

Related