When the Rajasthan Royals franchise was bought back in January 2008, it cost just $67 million. It was the cheapest among all the original IPL teams. Rajasthan was not a cricketing hub, and the franchise barely attracted any interest from other bidders. Fast forward to 2025, and a consortium led by Kal Somani has acquired the same franchise for a massive $1.63 billion. That is a journey worth looking at.
Rajasthan Royals ownership history
The Royals’ ownership was never simple. The original franchise agreement was signed on April 14, 2008, by Jaipur IPL Cricket Pvt Ltd, an entity created after the auction.
Initially, only Ranjit Barthakur and Fraser Castellino were listed as shareholders. But the real control sat with EM Sporting Holdings Ltd, based in Mauritius. Multiple stakeholders were involved over the years:
- Tresco International Ltd held 44.2% through Suresh Chellaram
- Manoj Badale’s Emerging Media IPL Ltd held 32.4%
- Blue Water Estate and Kuki Investments, linked to Bollywood figures, were also part of the ownership web
This complicated structure drew attention. The Foreign Investment Promotion Board launched a probe in 2009 over a $5 million earnest payment made for an entity that did not even exist at the time.
The BCCI also found undisclosed shareholders, which led to the franchise being temporarily expelled from the league. The Rajasthan High Court later reinstated the team, but the suspicion never fully went away.
The Royals also faced a spot-fixing scandal in 2013 when three players were arrested. A Supreme Court inquiry later uncovered illegal betting activities linked to co-owner Raj Kundra.
The BCCI suspended the franchise, and the Royals missed the 2016 and 2017 IPL seasons entirely.
The turnaround and the big sale
The Royals returned to the IPL in 2018 with a cleaner ownership structure and a fresh focus on young Indian talent. On the field, they had already made history by winning the first-ever IPL title in 2008 under Shane Warne.
They reached the final again in 2022 but fell short against Gujarat Titans. By 2025, with IPL media rights and global visibility at an all-time high, the existing investors decided to sell. Kal Somani’s consortium, which includes high-profile names like Rob Walton of the Walmart family and Sheila Ford Hamp, won the bid at $1.63 billion.
For Manoj Badale and the other long-term investors, the sale marks a massive financial return on what started as the least expensive franchise in the league.
