As the new season of the Indian Premier League (IPL) begins on 28 March, the Kal Somani-led consortium’s acquisition of the Rajasthan Royals (RR) franchise has now become the biggest story off the field.
Earlier today, Somani’s consortium acquired the Rajasthan Royals for a whopping $1.63 billions (more than ₹15,000 crore), making the franchise’s sale the costliest in the history of the IPL, PTI reported. However, the deal would come into effect after IPL 2026.
Somani, who was already an investor in RR since 2021, was backed by American businessman Rob Walton, of the Walmart family, and the Hamp family.
Here’s everything you need to know about Kal Somani, the man who led the consortium:
Who is Kal Somani?
According to his LinkedIn profile, Somani is a US-based entrepreneur with over 15 years of experience across sectors such as ed-tech, artificial intelligence, sports technology, and data privacy. Based in Scottsdale, Arizona, Somani is the founder of several ventures, including IntraEdge (a tech services firm) and Truyo, and has deep involvement in artificial intelligence governance initiatives.
Apart from the Rajasthan Royals, Somani is also the co-owner of the Motor City Golf Club and an early investor in ventures like TGL Golf League and TMRW Sports.
According to his LinkedIn profile, Somani described his ambition, “My focus is on building companies that deliver high-impact tech solutions while staying true to a mission of empowering people. Proud to partner with leading Fortune 100 and 500 organisations on this journey.”
Kal Somani’s net worth
According to a Times of India report, Somani has a net worth of more than $110 billion and is considered the wealthiest sports owner in the United States.
Somani on IPL growth
Somani’s vision for the one-time IPL winner Rajasthan Royals is rooted in a long-term belief in the league’s growth. Back in 2021, when Somani made his first investment in the team, he noted the league’s “huge potential”.
Marking his initial investment in the Rajasthan Royals, Somani had said, “We see huge potential with this investment, and we are excited for the future of the IPL.”
Other contenders in the Rajasthan Royals
The other contenders included Times Internet-led consortium, the Aditya Birla Group, and the Mittal family, led by ArcelorMittal CEO Aditya Mittal.
The sale process for the Rajasthan Royals reached a fever pitch after the 16 March bid deadline. According to media reports, the Somani-led group beat out stiff competition from an Indian multinational conglomerate, which had partnered with American sports tycoon David Blitzer.
It was previously reported that the Rajasthan Royals’ board, chaired by Manoj Badale, recently rejected a $1.7 billion offer from Columbia Pacific Capital Partners (CPCP) due to concerns about executability.
On Monday, Bloomberg reported that Blackstone Inc, the world’s largest alternative asset management firm, was considering investing between $200 and $300 million in either the Rajasthan Royals or the Royal Challengers Bengaluru (RCB), marking what could be its first foray into sports investments.
