Rajasthan Royals attracted bids worth up to 1.3 billion dollars from four shortlisted groups as the franchise moves toward becoming the Indian Premier League‘s first billion-dollar team sale. Investment bank Raine Group is handling the sale process on behalf of the current majority owner, Emerging Media Ventures, which holds a 65 percent stake led by Manoj Badale.
The franchise set a valuation floor of 1.1 billion dollars, but received offers exceeding that amount. The highest bid came from a consortium led by US-based entrepreneur Kal Somani at approximately 1.3 billion dollars. Three other serious bidders include a group led by Satyan Gajwani, chairman of Times Internet, as well as global private equity firms Blackstone Inc. and Carlyle Group Inc.
Rajasthan Royals paid just 67 million dollars when they entered the IPL as one of eight original franchises in 2008. The current sale price represents a nearly 19x return on the initial investment over 18 years. The franchise won the inaugural IPL championship in 2008 under Shane Warne’s captaincy but has not claimed another title since then.
Who Is Bidding for the Franchise
Kal Somani leads the consortium that submitted the 1.3 billion dollar bid. The exact details of his business background remain limited in public reports. Satyan Gajwani has worked in digital media at Times Internet, which also owns stakes in Major League Cricket in the U.S. and The Hundred competition in England.
Blackstone and Carlyle are the first big private equity firms to own IPL franchises. Both companies manage sports investments globally but rarely take complete control of teams. Their interest signals that institutional investors now view IPL franchises as serious financial assets rather than just sporting ventures.
Gaming company Krafton India, which publishes the popular BGMI mobile game, held preliminary discussions about acquiring a minority stake. However, their participation status in the final bidding round remains unclear. JSW Group and Adar Poonawalla confirmed they are not pursuing the Rajasthan Royals despite earlier speculation.
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Current Ownership Structure
Emerging Media Ventures controls 65 percent of the franchise through parent company Blenheim Chalcot. American investment firm RedBird Capital owns around 15 percent, while Tiger Global and Lachlan Murdoch hold smaller minority stakes. RedBird Capital also owns Italian football club AC Milan and holds stakes in Alpine F1.
The ownership group brought in Kumar Sangakkara as head coach in November 2025 to handle the team’s cricket activities. Sanju Samson, who captained the team for several seasons, was traded to the Chennai Super Kings before the IPL 2026 auction. These changes happened while sales discussions progressed behind the scenes.
Manoj Badale first bought into Rajasthan Royals in 2008 and saw the franchise survive its two-year suspension from 2015 to 2017 following a betting scandal. The team also owns Barbados Royals in the Caribbean Premier League after acquiring majority control in 2021.
Why Valuations Hit Record Levels
IPL media rights deals drive franchise valuations higher each cycle. The league sold broadcast and streaming rights for 48,390 crore rupees covering 2023 to 2027. That money gets distributed among all franchises as central revenue, making team ownership profitable even without winning championships.
The 2022 IPL expansion saw Lucknow Super Giants sell for 7,090 crore rupees and Gujarat Titans go for 5,625 crore rupees. Both amounts stayed below the billion-dollar mark in US currency. Gujarat Titans later sold a 67 percent stake to Torrent Group in 2024 for 5,025 crore rupees, which implied a total franchise value of 7,500 crore rupees.
Global viewership keeps growing as cricket expands beyond traditional markets. Private equity firms now compete with wealthy individuals and corporate groups for IPL ownership. The financial returns from valuable player contracts and roster assets make franchises attractive to investors who never followed cricket before.
Royal Challengers Bengaluru Also on Market
Diageo’s United Spirits division put Royal Challengers Bengaluru up for sale with a deadline of March 31, 2026. That franchise targets a valuation of 2 billion dollars based on its massive fan base and Bengaluru’s commercial strength. Adar Poonawalla of Serum Institute, Nikhil Kamath of Zerodha, and Ranjan Pai of Manipal Group emerged as potential bidders for RCB.
Harsh Goenka of RPG Group first hinted at franchise sales on November 27, 2025, through a social media post. His comments sparked speculation about which teams might change hands. Two original IPL franchises going on sale simultaneously create unusual market conditions that could push prices even higher.
IPL regulations forbid an ownership group from owning multiple team franchises. Bidders who want to participate in both the Rajasthan Royals and the Royal Challengers Bengaluru must select one team to bid on. The rule maintains competitive balance yet prevents wealthy investors from participating because their financial capacity will not help them succeed.
Legal Issues Complicate Sale
Raj Kundra filed a case in the National Company Law Tribunal claiming he was forced out of Rajasthan Royals ownership years ago. He accused other shareholders of hiding financial records and of improperly diverting funds. The legal battle continues even as new buyers line up to purchase the franchise.
The BCCI must approve any change in ownership before a sale becomes final. League officials conduct financial assessments together with business reputation evaluations to determine which buyers can proceed to the next stage. The duration of this process depends on how fast interested parties submit their documentation, which can take from weeks to months.
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