The Indian Premier League (IPL) landscape has undergone a seismic shift just days before the start of the 2026 season. In a landmark deal that resets the valuation of mid-tier franchises, a high-powered consortium led by American businessman Kal Somani has acquired a majority stake in Rajasthan Royals (RR) for a staggering $1.63 billion (approximately Rs 13,600 crore), according to The Tech Word News.
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The deal, overseen by global investment bank Raine Group, comes after weeks of intense bidding. Somani, a serial tech entrepreneur with deep roots in sports data and AI, was already a minority investor in the franchise. Backed by heavyweights including Rob Walton of the Walmart family and the Hamp family (owners of the NFL’s Detroit Lions), this new acquisition represents one of the largest private equity inflows into Indian sports to date.
BATTLE OF THE ROYALS
The sales process has reached its peak after the bid deadline on March 16. According to reports in The Sunday Guardian and Moneycontrol, the Somany-led group beat off stiff competition from an Indian multinational conglomerate that partnered with American sports magnate David Blitzer.
While the Royals board, chaired by Manoj Badale, recently rejected a $1.7 billion bid from Columbia Pacific Capital Partners (CPCP) over feasibility concerns, Somani’s bid offered the strategic alignment and financial immediacy the franchise was looking for.
With the sale in Rajasthan setting a new price, analysts now expect RCB’s valuation to comfortably cross the $2 billion mark. Current owners Diageo, acting through United Spirits, have set an aggressive deadline of March 31 to complete the transaction. Industry experts suggest that RCB’s huge brand equity and digital footprint enable it to command a premium of at least 15-20 per cent over the Royals.
The race for the Bengal franchise has narrowed down to a few heavyweight contenders after initial interest from the Glazer family and Adar Poonawalla cooled, according to MoneyControl.
The acquisition of RCB is spearheaded by a mega-consortium comprising Dr. Ranjan Pai of Manipal Hospitals, US private equity giant KKR and Singaporean sovereign wealth fund Temasek. The group faces stiff competition from a rival bid led by Swedish private equity firm EQT in partnership with Premji Invest, the investment arm of Wipro founder Azim Premji. Moreover, recent reports suggest that the Indian multinational conglomerate has teamed up with American sports investor David Blitzer and global investment firm Blackstone will enter the fray for RCB after missing out on Rajasthan Royals.
This intense bidding war underscores the growing appetite for blue chip IPL franchises among institutional investors who see long-term growth in the league’s expanding fixture calendar and global viewership.
The change in ownership will take effect only after the IPL 2026 season. Meanwhile, the Royals are gearing up to open the season against Chennai Super Kings in Guwahati on March 30. The team continues to focus on the field under new captain Riyan Parag and head coach Kumar Sangakkara.
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Issued by:
Akshay Ramesh
Published on:
24 March 2026 16:43 IST
