New Delhi, March 24 : Indian Premier League's (IPL) inaugural champions Rajasthan Royals (RR) have been sold to the Kal Somani-led consortium for USD 1.63 billion.

Renowned commentator Harsha Bhogle shared a post on X, "Rajasthan Royals is sold for 1.63 billion USD. Purely for comparison, London Spirit, the most expensive team, was valued at USD 370 million when there was a stake sale in The 100."

Somani is a US-based entrepreneur who has held a minority stake in Rajasthan Royals. Over the past 15-plus years, he's founded and led ventures focused on ed-tech, data privacy, AI governance, and sports tech. His association with sport also includes co-ownership of Motor City Golf Club and early-stage investment in ventures such as TMRW Sports and the TGL Golf League.

As per NDTV Profit report, the deal has been signed and is expected to be closed after the 2026 IPL season. The takeover will be completed after the 2026 tournament. The consortium is also backed by Rob Walton of the Walmart family and the Hamp family, which holds majority ownership of the Detroit Lions. Additionally, Sheila Ford Hamp, a member of the Ford family, is also associated with the group.

The report further claimed that defending champions 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.

Earlier the report by the State of Play claimed that nine parties have submitted bids, ranging from USD 1 billion to USD 1.8 billion, indicating serious interest in RCB with Manchester Utd's Glazer brothers' bid positioning them among the highest bidders for the franchise.

In January, pharma tycoon Adar Poonawalla said he would make a 'strong and competitive' bid for securing the ownership of RCB.

/IANS