Jaipur, Mar 25:
IPL franchise Rajasthan Royals is set to be sold to US-based Kal Somani-led consortium for USD 1.63 billion (approx Rs 15,290 crore), marking a colossal hike in valuation for the outfit which was the least expensive among the original eight teams of the glitzy T20 league.
The Somani-led consortium includes Rob Walton from the Walmart family and Hamp family (Ford motor company).
Somani is an Arizona-based tech entrepreneur who has founded IntraEdge (technology services and solutions), Truyo. AI (data privacy rights and AI governance) and Academian (edtech services).
The other contenders to buy the team, which won the inaugural trophy in 2008, were the Times Internet-led consortium, the Aditya Birla Group and the Mittal family led by ArcelorMittal CEO Aditya Mittal.
The sale of Rajasthan Royals is subject to approval from the BCCI and will come into effect after the 2026 edition. British-Indian Manoj Badale held a 65 per cent stake in the franchise, which was originally sold for USD 67 million in 2008 to his company Emerging Media.
âKal is an existing investor in the franchise. The deal is subject to approval from the BCCI and will be signed soon. The price of USD 1.63 billion reflects how far the IPL has come as a brand,â a well-placed source said.