NEW DELHI: IPL franchise Rajasthan Royals is set to be sold to a US-based consortium for a whopping USD 1.63 billion (approximately Rs 15,290 crore).
The Kal Somani-led consortium includes Rob Walton from the Walmart family and Hamp family (Ford).
Somani is an Arizona-based tech entrepreneur who has founded IntraEdge, Truyo.Ai and Academian.
The other contenders were 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 Royals.
"Kal 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," a well-placed source told PTI.
"If you look at the sale of the latest IPL entrants Lucknow Super Giants, it is way more than that. It just shows remarkable growth of the league," shared another source drawing a comparison with sale of LSG to RPSG Group for little over Rs 7000 crore back in 2021.
"I expect the deal to be announced in the next four to five days," he added.
Another major IPL franchise, defending champions Royal Challengers Bengaluru, is also up for sale and the value of that deal is likely to cross USD 2 billion.
