Kal Somani-led consortium buys Rajasthan Royals for $1.63 billion

A consortium led by US-based entrepreneur Kal Somani has won the bid to own the Rajasthan Royals franchise. Somani has led enterprises in ed-tech, data privacy, AI governance and sports tech. Somani is the founder of global giants such as IntraEdge, Truyo, Truyo.AI and Academian.Somani is being backed by American businessman Rob Walton, of the Walmart family, and the Hamp family that also has majority stakes in NFL's Detroit Lions. Sheila Ford Hamp is also part of the Ford family that holds a significant stake in Ford Motor Company. The consortium is learned to have put in a bid of $1.63 billion (£1.2 billion).“We see huge potential with this investment, and we are excited for the future of the IPL”, Somani had said in 2021 when he invested in Rajasthan Royals.Somani's association with sports lies as the co-owner of Motor City Golf Club and was an early investor in TMRW Sports and TGL Golf League. The current owners of the Royals were in talks for the last six months for a 100% sale of the team.Kal Somani is primarily known as a serial entrepreneur with a deep footprint in the American tech ecosystem. He is the founder and CEO of several global giants, including IntraEdge (a leading technology services and solutions firm), Truyo & Truyo.AI (pioneers in data privacy rights automation and AI governance), and Academian (a major player in the ed-tech and digital content space).His transition into sports began with a focus on sports tech, but it quickly evolved into team ownership. Beyond the IPL, Somani is a co-owner of the Motor City Golf Club and was an early investor in TMRW Sports (the tech-focused sports venture founded by Tiger Woods and Rory McIlroy) and the TGL Golf League.

Aditya Birla Group, TOI Group, Bolt Ventures & Blackstone acquire RCB for $1.78 billion

Aditya Birla Group, The Times of India Group, Bolt Ventures, and Blackstone have signed a definitive agreement to acquire 100% of the Royal Challengers Bengaluru (RCB) franchise that will include both the men and women’s teams.The Indian Premier League (IPL) and the Women’s Premier League (WPL) franchises are being acquired from United Spirits Limited (USL), a subsidiary of Diageo plc. The transaction has valued the franchise at US$1.78b (approx. INR 16,600 crore).