In a landmark move for the Indian Premier League, Rajasthan Royals has reportedly received a staggering $1.3 billion (approx. ₹11,950 crore) offer as the franchise prepares for a historic ownership change.
If finalized, this deal would make the Royals the first “billion-dollar franchise” in IPL history, setting a new global benchmark for cricket valuations. The sale process is currently being managed by the Raine Group, the same investment bank that handled the sales of Chelsea FC and Manchester United.
1. The Bidders: A Battle of Giants
According to reports from Bloomberg and Times Now on January 28, 2026, four major groups have advanced to the second round of bidding:
- Kal Somani Consortium: A group led by the US-based entrepreneur (who is already a minority investor in RR) has submitted the headline $1.3 billion bid.
- Times Internet: A consortium led by Chairman Satyan Gajwani.
- Global PE Firms: Private equity heavyweights Blackstone Inc. and Carlyle Group Inc. are also in the fray, reportedly exploring stakes in both RR and RCB.
2. The Fine Print: Contingent Valuations
While the $1.3 billion figure is a record-breaker, the offer comes with a strategic caveat:
- Media Rights Linkage: The Somani-backed bid is reportedly contingent on the trajectory of future IPL media rights (post-2027).
- Valuation Floor: The Raine Group had originally set a valuation floor of $1.1 billion when formal discussions began, meaning all four finalists have exceeded the “reserve price.”
3. Current Ownership Structure
The sale marks the first time an original “founding eight” franchise has been put up for a full-scale market sale.
| Entity | Role |
| Emerging Media Ventures | Majority Owner (Manoj Badale, Managing Partner) |
| RedBird Capital Partners | Minority Investor |
| Tiger Global | Minority Investor |
| Siguler Guff & Co | Minority Investor (Acquired stake in 2025) |
4. The “RCB Ripple Effect”
The record offers for the Rajasthan Royals have sent shockwaves through the league, particularly impacting the sale of Royal Challengers Bengaluru (RCB):
- The $2 Billion Target: Following their 2025 IPL Championship win, RCB’s owner, Diageo, has also put the team on the market.
- Premium Valuation: Analysts expect RCB to fetch an even higher price than RR—potentially nearing $2 billion—due to its massive fan base and recent title success.
Conclusion: A New Era for Cricket Economics
The $1.3 billion valuation for the Rajasthan Royals—originally purchased for just $67 million in 2008—represents a nearly 20x return for early investors. This deal signals that the IPL has moved beyond being just a regional sporting event to becoming a premier global asset class, attracting the same institutional capital as the NFL or the Premier League.
