In a major ownership shift in the Indian Premier League, a consortium led by US-based entrepreneur Kal Somani has secured the winning bid to acquire the Rajasthan Royals.

The Somani-led group outbid strong competition, including a bid backed by the Aditya Birla Group and another from the Times Group. The successful offer is believed to be in the region of $1.63 billion, with the ownership transition expected to be completed by June.

Somani is not new to the franchise, having been an investor in Rajasthan Royals since 2021. His business portfolio spans sectors such as ed-tech, artificial intelligence governance, data privacy, and sports technology. He is the founder of ventures like IntraEdge, Truyo, Truyo.AI, and Academian.

The consortium also includes prominent global investors such as Rob Walton of the Walmart family, along with members of the Hamp family, which controls the Detroit Lions. Sheila Ford Hamp, a key figure in that group, is part of the consortium and belongs to the Ford Motor Company founding family.

Beyond cricket, Somani has been actively involved in sports investments, including co-owning Motor City Golf Club and backing emerging ventures such as TMRW Sports and the TGL Golf League.

This acquisition once again highlights the growing global appeal of the IPL, which continues to attract high-profile international investors and is widely considered one of the most valuable sporting leagues worldwide.