Who Is Kal Somani: US-Based Entrepreneur Who Bought IPL Franchise Rajasthan Royals In Record-Breaking Deal
A consortium head by US-based entrepreneur Kal Somani acquired IPL franchise Rajasthan Royals for a record-breaking amount of 1.63 billions dollars (more than Rs 15,000 crore).
A consortium headed by US-based entrepreneur Kal Somani acquired IPL franchise Rajasthan Royals for a record-breaking amount of 1.63 billions dollars (more than Rs 15,000 crore). According to reports, Somani was backed by American businessman Rob Walton, of the Walmart family, and the Hamp family. The sale made Rajasthan Royals the costliest franchise in the history of IPL and the sale will come into effect after IPL 2026. Somani was already an investor in RR since 2021. “We see huge potential with this investment, and we are excited for the future of the IPL,” he had said at the time.
The franchise was previously owned by Emerging Media Ventures, which is headed by businessman Manoj Badale. Other stakeholders included RedBird Capital Partners and Lachlan Murdoch, among others.
The sale process was initiated late last year with investment bank The Raine Group acting as advisor.
There were a number of bidders including Aditya Birla Group and US-based sports investor David Blitzer but the consortium headed by Somani emerged as the eventual winner in the ownership race.
Who is Kal Somani?
Kal Somani is a US-based entrepreneur with over 15 years of experience across sectors like ed-tech, artificial intelligence, sports technology and data privacy. He is based out of Scottsdale, Arizona and is the founder of multiple ventures like tech services firm IntraEdge, Truyo and has deep associations with AI governance initiatives.
He has also made some investments in the sports space as he is the co-owner of the Motor City Golf Club and an early investor in ventures like TGL Golf League and TMRW Sports.
"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 agency inputs)
Rajasthan Royals