Lalit Modi Back in IPL? Former Indian Premier League Commissioner Eyes Rajasthan Royals Ownership in ₹10,000-Crore Deal

Former IPL chairman Lalit Modi might make a return to the Indian Premier League (IPL) but in a totally different role, as per reports. The Rajasthan Royals are set to get a new owner soon as the global investment bank, The Raine Group, is overseeing the deal. 

As per reports, the discussions are on at a floor valuation of around $1.1 billion. The stakeholders involved are expected to meet on March 16 as per a Khel Now report. The franchise is led by Venture capitalist Manoj Badale through Emerging Media Ventures. He has 65% ownership in the structure. 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%. 

The report further suggested that four groups have been shortlisted after the evaluation process.

Shortlisted Bidders

The bidders who have been shortlisted are– 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. In fact, some of these investors are also keeping a close watch on the sale of Royal Challengers Bengaluru. 

To submit a binding bid for a stake in Rajasthan Royals, the Aditya Birla Group has partnered with David Blitzer’s investment group, according to Moneycontrol. Blitzer already has investments across multiple football and basketball teams globally.

Satyan Gajwani has steadily expanded his presence in global cricket investments and owns 49% stake in London Spirit through a consortium led by Nikesh Arora. In fact, Gajwani is one of the founding investors behind Major League Cricket in the United States.

Entrepreneur Kal Somani has been very closely involved with the Rajasthan Royals setup after acquiring a minority stake in the franchise in 2021.

Within just a few seasons after its launch in 2008, the IPL had become the most valuable commercial property in cricket and a model for T20 leagues around the world. However, during the third season, 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.

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