The Rajasthan Royals (RR) franchise has been sold in a record-breaking deal. A consortium led by US-based entrepreneur Kal Somani has acquired the team for $1.63 billion. This makes RR the first Indian Premier League (IPL) franchise to cross the $1 billion valuation mark.
According to PTI, the deal is still waiting for approval from the BCCI. The final agreement is expected to be signed in the coming days. The deal has created history in IPL and global franchise cricket.
Reports suggest that Kal Somani has strong financial backing. American businessman Rob Walton, from the Walmart family, is part of the group. The Hamp family, which owns a majority stake in the NFL team Detroit Lions, is also involved. This powerful partnership played a key role in sealing the deal.
Who is Kal Somani?
Kal Somani is a US-based entrepreneur with more than 15 years of experience. He has worked in many sectors like education technology, artificial intelligence, data privacy, and sports technology. He is based in Scottsdale, Arizona.
Somani has founded several companies. These include IntraEdge, a global technology services firm. He also started Truyo and Truyo.AI, which focus on privacy and AI governance. He is also the founder of Academian, an education technology platform.
Apart from tech, Somani has also invested in sports. He is the co-owner of Motor City Golf Club. He is also an early investor in ventures like TMRW Sports and the TGL Golf League. These projects aim to change sports entertainment using technology.
Somani was already linked with Rajasthan Royals earlier as a minority stakeholder. Now, he leads the group that fully owns the franchise.
“My focus is on building companies that deliver high-impact tech solutions while staying true to a mission of empowering people. Proud to partner with leading Fortune 100 and 500 organizations on this journey,” he wrote on LinkedIn.
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