The Rajasthan Royals, of Twenty20 cricket's Indian Premier League, have a new ownership group after being sold to a consortium led by US entrepreneur and existing team shareholder Kal Somani.
The Somani-led group has bought the Jaipur-based franchise for roughly $1.63 billion after a reported final bidding race between the group and India's Times Group.
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Since its formation, the franchise has been majority-owned by British-Indian businessman Manoj Badale, whose vehicle Emerging Media held a 65% stake in the operation. That holding was bought initially for just $67 million.
The consortium, which includes the Walmart major supermarket brand, has acquired the full 100% stake in the Royals, one of the eight original franchises to have played the first season of the IPL in 2008. Over the past 18 years, the Royals have only won the IPL – now containing 10 teams – on one occasion, in that first-ever season.
Somani, who first invested in the Royals in 2021, is the founder of technological innovation companies such as IntraEdge, Truyo, Truyo.AI, and Academian.
In terms of his previous sporting involvement, meanwhile, he was an early investor in golf's innovative TGL property, which was founded by legends Tiger Woods and Rory McIlroy.
In terms of the consortium, it also contains the Hamp family, which has a majority stake in the Detroit Lions of American football's NFL.
It has been reported amongst Indian media that he will take control of the franchise following the 2026 IPL season, which will run between March 28 and May 31.
Indian cricket's BCCI governing body will need to ratify any sale, and will also take 5% of the total price.
Back in February, it was reported that as many as five potential investors were circling an acquisition bid for the franchise. At that time, the asking price for the franchise was understood to be between $1.2 billion and $1.4 billion.
It was also suggested at that time that Royal Challengers Bangalore, who won last season's IPL, were up for sale.
In the 2025 campaign, the Royals finished ninth in the IPL standings, missing out on the playoffs.
Earlier this month, the franchise secured a new primary sponsor ahead of the upcoming 2026 campaign, with renewable power technology firm Waaree Energies stepping in.
The solar panel producer replaces domestic energy provider Luminous Power Technologies, which had been a major partner of the franchise since the 2023 campaign.
Elsewhere in the world of franchise cricket, the England and Wales Cricket Board (ECB) has extended its commercial tie-up with UK insurance price comparison service site Compare the Market.
That brand retains its position as a sponsor of The Hundred, the eight-team short-format property launched by the ECB in 2021 (featuring both men's and women's editions).
This renewal – a multi-year affair unveiled today – comes with the eight teams now at least part-owned (and in some cases, fully owned) by private investors, and with the 2026 season set to be the first time those ownership changes are materially visible.
Compare the Market – which first came on board as a tournament sponsor in 2023 – will carry on as a principal partner of the competition.
This year's edition of The Hundred begins on July 21 and will come to an end with both the men's and women's finals taking place on August 16.
Alex Perkins, the tournament's commercial director, said: "Since joining us three years ago as their first major nationwide sports partnership, Compare the Market has played an important role in helping the competition reach new audiences and grow year-on-year. Their continued commitment to invest in campaigns that bring fans closer to the action has been invaluable, and we’re thrilled to be building on that momentum together as the competition enters its next chapter.”
Compare the Market succeeded Cazoo, the UK-based online car retailer, which had held the principal sponsor position for the eight-team competitions from their inception in 2021.
