Who is Kal Somani? US-based entrepreneur who bought IPL franchise Rajasthan Royals for $1.63bn
&imwidth=600&imheight=450&format=webp&quality=medium "Who is Kal Somani? US-based entrepreneur who bought IPL franchise Rajasthan Royals for $1.63bn")
Kal Somani's constorium has purchased Rajasthan Royals Photograph: (Linkedin/AFP)
The deal still requires approval from the BCCI and is expected to take effect after the 2026 IPL season. Until now, Manoj Badale owned 65 per cent of the franchise.
In a major development for the Indian Premier League (IPL), a US-based consortium led by tech entrepreneur Kal Somani has acquired the IPL franchise Rajasthan Royals for a record $1.63 billion (INR 13,500 crore).This consortium won the deal against other bidders like Times Internet, the Aditya Birla Group and the Mittal family led by Aditya Mittal of ArcelorMittal. With this price, Rajasthan Royals will become the most expensive IPL team, going ahead of Lucknow Super Giants, which was bought by the RP-SG Group for INR 7,090 crore.
Kal Somani is already a stakeholder in Rajasthan Royals, but after this deal, his consortium will have full control of the team. The sale still needs approval from the BCCI and is expected to take effect after the 2026 IPL season. Until now, Manoj Badale owned 65 per cent of the franchise.
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Who is Kal Somani?
Kal Somani is a tech entrepreneur based in Arizona and has founded companies such as IntraEdge, Truyo.AI and Academian. His group also includes prominent investors like Rob Walton of the Walmart family and the Hamp family of Ford.
Beyond cricket, Somani has invested in other sports as well, as he is a co-owner of Motor City Golf Club and was an early investor in projects like the TGL Golf League and TMRW Sports.
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According to sources, the deal highlights the growing value of the IPL as a brand. Compared to previous team sales, such as Lucknow Super Giants in 2021, the franchise’s worth has increased significantly. The deal is expected to be officially announced in the coming days.
"Kal is an existing investor in the franchise. The deal is subject to approval from the BCCI and will be signed soon. The price of USD 1.63 billion reflects how far the IPL has come as a brand," a well-placed source told PTI.
"If you look at the sale of the latest IPL entrants, Lucknow Super Giants, it is way more than that. It just shows remarkable growth of the league," shared another source drawing a comparison with sale of LSG to RPSG Group for little over Rs 7000 crore back in 2021."I expect the deal to be announced in the next four to five days," he added.
With inputs from agencies
