Kal Somani, an existing shareholder in Rajasthan Royals, has acquired full ownership of the franchise in a deal valued at USD 1.63 billion (around ₹16,290 crore). The Jaipur-based team was one of the original eight IPL franchises, and this deal now makes it one of the most expensive in league history. The Times Group, which was also in the race, finished second in the bidding.

Somani will lead a consortium that includes Walmart, which will secure a 100 per cent stake in the franchise. He is expected to take over control after the 2026 season from the current lead owner, Manoj Badale of Emerging Media.

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Deal highlights IPL’s rising valuation

Industry experts say the valuation reflects the growing global appeal of the IPL. “The acquisition of Rajasthan Royals by a Kal Somani-led consortium at $1.63bn reinforces our view that IPL franchises are now valued in the $1.5-2.0bn range, supported by strong media monetisation and rising global investor interest,” said Karan Taurani of Elara Capital as Cricbuzz reported.

The bidding process concluded on Monday, though the Board of Control for Cricket in India (BCCI) is yet to be formally informed. As per IPL rules, the board will receive 5 percent of the deal value, amounting to nearly ₹765 crore.

Rajasthan Royals were once the least expensive franchise among the original teams, bought for just USD 67 million in 2008 by a consortium led by Badale. The team went on to win the inaugural IPL season under Shane Warne.

Over the years, the franchise saw multiple ownership changes, including stakes held by Suresh Chelaram, Raj Kundra, and later RedBird Capital Partners. A drag-along clause introduced during RedBird’s investment eventually led to the full sale of the franchise, as exiting investors pushed for a controlling stake deal to maximise valuation.