RR franchise acquired by US-based businessman, Kal Somani. (Photo Credits: ANI)
The Rajasthan Royals franchise has reportedly been acquired by US-based businessman, Kal Somani. for a staggering USD 1.63 billion or approximately INR 15,300 Cr, to be paid upfront. Somani is backed by American businessman Rob Walton, of the Walmart family, and the Hamp family, as per The Times of India report.
The Rajasthan Royals franchise has reportedly been acquired by US-based businessman, Kal Somani. for a staggering USD 1.63 billion or approximately Rs. 15,300 crore, to be paid upfront. Somani is backed by American businessman Rob Walton, of the Walmart family, and the Hamp family, as per The Times of India report.
“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.
This is the biggest deal in the IPL history. Torrent Group acquired a 67% majority stake in the Gujarat Titans from CVC Capital Partners for approximately ₹5,025 crore last year, valuing the franchise at roughly ₹7,500 crore. 33% of the stakes were retained by CVC Capital, following its initial 2021 acquisition of the team for ₹5,625 crore.
According to Moneycontrol, Somani’s consortium was the frontrunner. The majority of the ownership was with Manoj Badale through Emerging Media Ventures, which held about 65 percent. RedBird Capitals Partners have 15% while Lachlan Murdoch have 13% and minority stakeholders, including Ian McKinnon, Kal Somani, Simer Mayo and Mihir Patel have 7%.
Somani’s association with sports lies as the co-owner of Motor City Golf Club and was an early investor in TMRW Sports and TGL Golf League. The current owners of the Royals were in talks for the last six months for a 100% sale of the team.
Kal Somani is Scottsdale, Arizona-based serial entrepreneur with over 15 years of experience. His experience lies across sectors such as ed-tech, data privacy, artificial intelligence governance, and sports technology. Somani has been the founder of multiple ventures that also include tech services firm IntraEdge and privacy-focused platform Truyo, and has also been associated with AI governance initiatives. Somani had earlier invested in the franchise in 2021.
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