An American investment group headed by Arizona-based tech entrepreneur Kal Somani has tabled what is believed to be a successful bid of about US $1.635 billion (roughly ₹15,290 crore) for Rajasthan Royals. While the paperwork still needs to clear the final hurdles – chiefly a share-purchase agreement with current majority owner Manoj Badale and the routine ratification from the BCCI – people familiar with the process say the deal is now in its exclusive-negotiation phase.
Key facts first
• Purchase price: US $1.635 billion – the highest sum yet for an established IPL team.
• Buyers: a Somani-led consortium that also features Rob Walton of the Denver Broncos and Michael Hamp, son of Detroit Lions’ principal owner Sheila Ford Hamp.
• Assets covered: the entire Royals umbrella – the IPL side, Paarl Royals in SA20, and Barbados Royals in the CPL.
• Timeline: preferred bidder confirmed on 20 March after multiple rounds; closing expected within weeks once BCCI approval is secured.
Why Somani and Co. went hard
Somani, already a minority shareholder, saw an opportunity to scale up just as the league’s global footprint widens. Those close to the group say they view India’s fast-growing consumer market and the IPL’s widening broadcast deals as “a rare intersection of sport, data and media tech”. Add Walton’s retail muscle and the Hamp family’s NFL pedigree and the pitch starts to make sense.
Rivals in the running
According to people involved in the sale, the final round featured at least four serious bidders. Among them was Avram Glazer’s Lancer Capital – best known for its stake in Manchester United – and a separate joint venture involving the Aditya Birla Group. In the end, Somani’s camp is understood to have topped the nearest offer by a comfortable margin, which ultimately persuaded Badale to enter one-to-one talks.
How far the valuation has travelled
When the Royals were first auctioned in 2008, Emerging Media – Badale’s UK-based vehicle – paid US $67 million. At the time, the dollar-rupee rate hovered near ₹40. Eighteen years, countless broadcast renewals and one pandemic later, the exchange rate sits around ₹94 to the dollar, and the incoming bid is roughly 57 times larger in rupee terms. Even factoring in inflation, that is eye-watering growth.
Performance on the field vs. off it
The Royals famously won the inaugural IPL under Shane Warne, then spent years punching above their financial weight. Recent seasons have been more uneven – they finished ninth in 2025 with only four wins – yet franchise values have marched on regardless. Broadcast guarantees, streaming rights and the lure of a young, tech-savvy fan base continue to insulate owners from short-term dips in form.
Stake sales along the way
The Royals were quick to embrace outside capital. Bollywood actor Shilpa Shetty and her husband Raj Kundra bought roughly 11.7 percent in 2009, marking the league’s first significant secondary sale. By 2021, Badale’s holding had crept beyond 65 percent, helped by smaller tickets from tech investors such as Ian McKinnon, a founding partner at Team8. Somani’s initial entry also came during that period.
What happens next
The share-purchase agreement is the immediate priority. If the two sides finalise terms, documents go to the BCCI for the customary fit-and-proper review. That process rarely stalls a deal, though the board will want clarity on beneficial ownership structures – especially with so many US entities involved.
Meanwhile, cricket carries on. The Royals have already appointed 24-year-old Riyan Parag as captain for the 2026 season, hoping to inject fresh energy after a difficult campaign. Coaching staff insist preparations remain “business as usual” while the boardroom handover proceeds in the background.
Context within global sport
Cross-border ownership is hardly new in cricket, but the scale of US money flowing into the IPL is accelerating. Walton and the Hamps are also part of Motor City Golf Club, a Detroit franchise set to enter the indoor TGL league spearheaded by Tiger Woods and Rory McIlroy in 2027. Their Royals purchase, if sealed, would be another sign of US investors viewing Indian sport as a growth sector comparable to European football a decade ago.
Final thought
A deal of this size underlines how far the IPL has travelled from its shoestring origins. Whether the on-field product keeps pace with the off-field valuations is a question for another day, but for now the numbers speak for themselves.
