Kal Somani has reportedly acquired RR. (Photo Credits: X)
The Rajasthan Royals franchise has been reportedly acquired by Kal Somani, a US-based businessman for USD 1.63 billion or approximately INR 15,300 Cr, to be paid upfront. According to The Times of India, Somani is backed by American businessman Rob Walton, of the Walmart family, and the Hamp family.
The deal is the biggest in the IPL history. Last year, Torrent Group acquired a 67% majority stake in the Gujarat Titans from CVC Capital Partners for approximately ₹5,025 crore, valuing the franchise at roughly ₹7,500 crore. CVC Capital retained a 33% stake, following its initial 2021 acquisition of the team for ₹5,625 crore.
“We see huge potential with this investment, and we are excited for the future of the IPL”, Somani had said in 2021 when he invested in Rajasthan Royals.
Kal Somani is Scottsdale, Arizona-based serial entrepreneur with over 15 years of experience. According to reports, Somani has gained full control of the franchise. He is the founder of IntraEdge, privacy compliance platform Truyo, AI governance firm Truyo.AI and ed-tech services provider Academian. He had earlier invested in RR in 2021 as per Moneycontrol.
Somani has the backing of American businessman Rob Walton, who belongs to the Walmart Family and the Hamp Family that boasts of majority stake in National Football League (NFL) team Detroit Lions. Sheila Ford Hamp is part of the Ford Family that holds a significant stake in Ford Motor Company. He also co-owns Motor City Golf Club and has investment in ventures like TMRW Sports and the TGL Golf League.
There is no exact information on Kal Somani’s net worth but given he has purchased the Royals for a massive sum of ₹15000 crore, his net worth should be sky high.
Some of the reports suggest that Kal Somani studied electronics and telecommunications in a local university before moving to the United States in 1998.
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