IPL 2026 Rajasthan Royals Ownership Battle: Aditya Birla Group, Times of India Group in Final Bidding; No Official Word on Lalit Modi Re-entry

The bids have been submitted for Rajasthan Royals and as per reports, Aditya Birla Group with David Blitzer, Kal Somani with Rob Walton, Times of India Group and Capri Global are the four parties who have shown interest. The owner of the Rajasthan franchise, Manoj Badale, had been exploring a majority stake sale.

There were also reports earlier that KKR is interested to buy a huge share of stakes in RCB or RR. KKR though is not the Kolkata-based franchise but it refers to global private equity investment firm KKR and Blackstone who are a major player in the business world. 

According to Reuters report, two banking sources had confirmed about KKR’s strong interest in acquiring one of RCB or RR. 

The Royals who had won the first IPL had been targeting a valuation of $1 billion plus, with The Raine Group roped in as the sell-side advisor. The same suitors may evince interest in both Rajasthan Royals and RCB, the report highlighted, as per a report in Moneycontrol in December 2025. 

Manoj Badale’s Emerging Media Ventures holds around 65 per cent stake in Rajasthan Royals as per reports, with minority investors including American investment management firm RedBird Capital Partners ( around 15 per cent stake) and Fox Corporation’s Lachlan Murdoch, among others.

Is Lalit Modi Returning Back to IPL?

There were reports that former IPL commissioner Lalit Modi might return back to Indian Premier League in a different capacity. The bidders who had been shortlisted were- A consortium led by Aditya Birla Group and investor David Blitzer, a group led by Satyan Gajwani, a consortium involving Kal Somani and former IPL commissioner Lalit Modi and a group led by Adar Poonawalla.

The IPL had become the most valuable commercial property within just a few seasons after its launch in 2008. However, some serious allegations of financial irregularities and regulatory breaches were raised against Lalit Modi, leading to his swift suspension by the Board of Control for Cricket in India. 

He later moved to London and has since faced a series of legal and regulatory challenges related to alleged irregularities during his tenure in cricket administration. Despite being removed from the system, Lalit Modi has remained vocal, frequently offering sharp commentary on the business and governance of the game.

Also Read: RCB Ownership Update IPL 2026 | Pai-Led Consortium, EQT–Premji Invest Submit Binding Bids as Adar Poonawalla Exits Race