In a game-changing move for franchise cricket, the Rajasthan Royals (RR) are to be bought by a consortium of high-net-worth individuals (HNIs) based in the USA at an eye-popping value of approximately $1.635 billion (almost INR 15,290 crore). If completed, the deal would be one of the largest ownership transactions in Indian Premier League (IPL) history.
The investment group is headed by Kal Somani, a technology entrepreneur from Arizona, who is already a current supporter of the franchise. He is joined by notable figures from American sports ownership, including Rob Walton, owner of the N.F.L.’s Denver Broncos, and Michael Hamp, part of the Lion’s ownership group. The group won exclusive negotiation rights to the franchise after reportedly outbidding multiple international investors.
The takeover also gives them ownership of Rajasthan Royals’ sister franchises in global T20 leagues — Paarl Royals in South Africa’s SA20 tournament and Barbados Royals in the Caribbean Premier League. That multi-league presence is thought to have greatly increased the franchise’s overall valuation.
The victorious Somani-led group won after rounds of intense bidding that ended on March 20. Among the competing bidders were global investment firms and large business houses, and a consortium led by Avram Glazer. The spirited bid, which came in at a 35 percent premium to the previous record individual sports franchise payment, underscores increasing global investor conviction in the IPL’s explosive growth and India’s surging sports market.
The franchise is currently owned by the UKbased Emerging Media, which is led by Manoj Badale and that bought the team for a mere $67 million in 2008. The Royals were then viewed as the least-valuable franchise. But their fairytale story really kicked into gear when they won the first IPL under the leadership of the late Shane Warne.
RR has attracted a number of prominent investors over the years. In 2009 Bollywood actress Shilpa Shetty and her husband Raj Kundra bought a minority stake. In September, RedBird Capital Partners acquired a 15% stake in the franchise, part of an effort to woo potential investors. Among other investors are a who’s who of business leaders and tech entrepreneurs from around the globe.
Despite inconsistent seasons — including a ninth-place finish most recently — the value of the franchise has continued to rise. Experts point out that apart from match results, IPL team valuations depend largely on their commercial potential, brand strength and media rights growth.
The new owners are expected to finalise discussions with Badale over the next few weeks, which will then need to be formally approved by the Board of Control for Cricket in India. When the deal is approved, it will mark an official new high in IPL franchise valuations.
Crucially, this change of ownership will not impact Rajasthan Royals’ participation in IPL 2026. Now captained by Riyan Parag, the team will start its campaign against the Chennai Super Kings on March 30.
The deal marks a new milestone in the Indian Premier League’s (IPL) evolution into an international sports juggernaut and underlines the league’s growing attractiveness to foreign investors seeking share of India’s booming sports market.
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