Rajasthan Royals are on the verge of becoming the first Indian Premier League franchise valued above $1 billion, marking a historic milestone in cricket’s commercial evolution.
Four serious bidders have submitted offers ranging from $1.1 to $1.3 billion for the Jaipur-based franchise, significantly surpassing previous IPL team valuations.
This landmark deal, being managed by The Raine Group, reflects the aggressive interest of global private equity firms in IPL teams as long-term premium assets.
Meanwhile, Royal Challengers Bengaluru could potentially push valuations even higher, with early estimates approaching $2 billion.
The Billion-Dollar Bid Race
Rajasthan Royals, owned by Emerging Media Ventures with minority stakes held by RedBird Capital Partners and Tiger Global, have attracted serious interest from four major bidders.
The competing offers include Kal Somani, a US-based investor who already owns a stake in the franchise, Times Internet, Blackstone, and Carlyle Group.
The sale process is being handled by The Raine Group, the prestigious firm known for managing marquee global sports transactions, including Chelsea FC and Manchester United sales. These valuations comfortably eclipse the previous IPL record set by Lucknow Super Giants, acquired in 2022 for around Rs 7,090 crore.
Despite inconsistent on-field performance since their fairytale 2008 title win, investors are looking beyond trophies and focusing on stable revenue sharing, long-term media rights visibility, a young digital-first fan base, and strong league governance.
RCB Could Reset the Ceiling
While Rajasthan Royals set the billion-dollar floor, Royal Challengers Bengaluru may establish an entirely new ceiling for IPL valuations. Owned by Diageo and reportedly exploring a potential sale following their 2025 title win, RCB commands one of the IPL’s largest fan bases with unmatched brand recall and sustained commercial pull.
Early market soundings suggest valuations approaching or exceeding $2 billion, with Blackstone and Carlyle reportedly evaluating bids for both franchises, highlighting how aggressively private equity is targeting Indian cricket assets.
