The Rajasthan Royals have moved a step closer to a potential ownership change, with the franchise’s current owners shortlisting four bidding groups to advance in the next phase of the sale process. As per reports, among those invited are a consortium led by Times Internet Chairman Satyan Gajwani and another group supported by US-based entrepreneur Kal Somani, according to people familiar with the discussions.
One of the early proposals has valued the franchise well above the billion-dollar mark. The Somani-backed consortium has submitted an indicative bid of around $1.3 billion, noting that the offer is linked to assumptions around the future trajectory of IPL media rights. Somani is not a new entrant, having already invested in the Rajasthan-based franchise.
The potential transaction is being closely watched across the sports and private equity landscape, as it is expected to serve as a benchmark for demand and pricing of top-tier cricket assets. While IPL team valuations have come under sharper scrutiny in recent years, bidders remain optimistic that sustained growth in broadcasting revenues and the league’s expanding international footprint will continue to support premium prices.
Who currently owns Rajasthan Royals?
The sale process is being managed by Raine Group, which is understood to have set a valuation floor of approximately $1.1 billion when formal discussions were launched. The Rajasthan Royals are majority-owned by Emerging Media Ventures, with RedBird Capital Partners and Tiger Global holding minority stakes.
Several major investment firms have previously examined opportunities in IPL franchises. Blackstone Inc. and Carlyle Group Inc. have explored acquiring stakes not only in Rajasthan Royals but also in Royal Challengers Bengaluru, Bloomberg News has reported. Interest from such global players underscores the league’s appeal despite its relatively short season.
Investor churn has increased as early backers seek exits. CVC Capital Partners Plc sold its controlling interest in Gujarat Titans last year at a valuation of about $800 million, while United Spirits Ltd. has begun reviewing its holding in the Royal Challengers Bengaluru franchise.
Times Internet, meanwhile, has been steadily building a global cricket portfolio, with Gajwani previously involved in investments tied to Major League Cricket in the US and England’s The Hundred tournament.
