The ownership structure of Rajasthan Royals could soon undergo a major shift, with reports suggesting that Lalit Modi, widely regarded as the Father of the Indian Premier League, is exploring a potential return to the tournament by investing in the franchise.
According to multiple reports, the Royals’ current stakeholders have initiated a process to evaluate new investment opportunities. Global investment bank The Raine Group has been tasked with overseeing the potential transaction and managing discussions with interested buyers.
Multiple Bidders Show Interest
The sale process has reportedly attracted several high-profile bidders. Four consortia are understood to have submitted preliminary bids, highlighting the continued commercial appeal of IPL franchises.
Among the interested parties are a consortium involving the Aditya Birla Group and David Blitzer, as well as bids linked to Satyam Gajwani, Adar Poonawalla, and a consortium featuring Lalit Modi alongside businessman Kal Somani.
Sources indicate that Somani, who already owns a minority stake in the franchise, has been actively monitoring developments around the potential sale.
Franchise Valuation Could Cross $1 Billion
Market speculation suggests the Rajasthan Royals could be valued at approximately $1.1 billion, reflecting the rapid financial growth of the IPL ecosystem. The valuation comes after the sale of a majority stake in the Gujarat Titans in 2025 for around $833 million, which significantly raised the benchmark for IPL franchise valuations.
Industry analysts believe the Royals could potentially become one of the league’s first billion-dollar franchises if negotiations progress as expected.
Current Ownership Structure
The franchise is currently controlled by several investors, led by Manoj Badale’s Emerging Media Ventures.
| Owner | Stake |
| Manoj Badale (Emerging Media Ventures) | 65% |
| RedBird Capital Partners | 15% |
| Lachlan Murdoch | 13% |
| Tiger Global & Others | 7% |
Badale has previously downplayed speculation around a sale, but market reports suggest the ownership group may consider selling a majority stake if the valuation meets expectations.
What Happens Next?
Stakeholders involved in the process are expected to hold further discussions regarding the next phase of the sale. While Lalit Modi’s involvement has added intrigue to the story, the acquisition process could take several months due to legal and regulatory requirements.
Even if a deal is finalised, any change in ownership is unlikely to be completed before the IPL 2026 season, leaving fans and industry observers watching closely as the situation develops.
