Indian Premier League (IPL) side Rajasthan Royals (RR) have been sold to the Kal Somani-cacked consortium for $1.63 billion, sources told NDTV Profit. The consortium includes Rob Walton of Walmart. A formal announcement is likely to follow later this evening.
The deal has been signed, and is expected to be closed after the 2026 IPL season. The takeover will be completed after this year's tournament, the sources told NDTV Profit.
Somani is a US-based entrepreneur who has held a minority stake in Rajasthan Royals so far. He has now joined forces with Walton, who is the eldest son of Walmart founder Sam Walton and is among the richest individuals in the world.
Reports have suggested that former IPL chairman and founder, Lalit Modi, may have joined hands with Kal Somani's group to form a stronger bidding consortium.
The Royals had a March 16 deadline for the final submission of binding bids.
Sources also told NDTV Profit that Royal Challengers Bengaluru (RCB), who are also officially on sale, are close to their deal being completed. The parties interested are a consortium of Blackstone, Aditya Birla Group, and David Blitzer; a Ranjan Pai-led Manipal Consortium (including Kohlberg Kravis Roberts and Temasek); and Swedish private equity firm EQT.
The RCB transaction, driven by Diageo-owned United Spirits' decision to conduct a ‘strategic review' of its ‘non-core' assets began in November 2025. Diageo had set March 16 as the final day for interested parties to submit binding bids to acquire the franchise.
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Initial interest from the Glazer family (Manchester United owners) and Adar Poonawalla had reportedly cooled as the valuation crossed the $1.8 billion threshold. RCB are understood to have set a March 31, 2026 deadline to make a final decision.
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