The Rajasthan Royals have become the first franchise in Indian Premier League history to be sold for over $1 billion, marking a major moment in the league’s financial evolution.
The franchise has been acquired by a consortium led by Kal Somani, with the deal set to give the group 100% ownership after the IPL 2026 season. The total valuation stands at $1.63 billion ( ₹15,000 – ₹15300 crore).
Somani, a US-based entrepreneur and investor, has built a strong reputation at the intersection of technology, data governance, and sports business. Based in Scottsdale, he has spent over 15 years founding and leading ventures across ed-tech, AI governance, and data privacy. Beyond technology, Somani has been steadily expanding his footprint in the global sports ecosystem through strategic investments. Several media reports suggest that Kal Somani was raised in a small town in India and pursued studies in electronics and telecommunications at a local university, before relocating to the United States in 1998.
The Rajasthan Royals journey highlights one of the most remarkable value jumps in sports business. The franchise, which won the inaugural Indian Premier League season in 2008, was acquired by Emerging Media Ventures, led by Manoj Badale, for approximately ₹268 crore the lowest bid among the original teams. Over nearly two decades, its value has surged by more than 2,300%. This means the original investors have made over 23 times (23x) returns in 18 years, reflecting the IPL’s rise into one of the world’s most lucrative sports properties.
Before the sale, Emerging Media Ventures held a 65% stake in the franchise, with additional investments from RedBird Capital (15%) and Lachlan Murdoch.
The record valuation of the Royals surpasses the previous benchmark set in 2021, when the Lucknow Super Giants were acquired by the RPSG Group for $940 million. However, the record may not stand for long, with a potential sale of Royal Challengers Bengaluru expected to approach the $2 billion mark.
The deal represents a massive return for the previous owners, turning a relatively modest initial investment into one of the most profitable exits in the history of franchise cricket.