Rajasthan Royals sold for $1.3 billion to Walmart & Ford consortium led by Kal Somani

The Rajasthan Royals (RR) have become the first fully foreign-owned Indian Premier League (IPL) franchise. The process of sale for the inaugural champions had been underway for the last 6 months. According to the Times of India, a consortium led by US-based entrepreneur Kal Somani, who is a minority stakeholder, has bought the franchise for $1.63 billion (approximately INR 15,301 crore).

New Rajasthan Royals owner

Somani had partnered up with Rob Walton, heir to the fortune of Walmart, and the Hamp family, who are majority stakeholders of the Detroit Lions in the National Football League (NFL). Sheila Ford Hamp, wife of Steve Hamp, also holds a significant stake in Ford Motor Company.

As for Somani, he has a strong holding in the tech space. He is the founder of IntraEdge, Truyo, Truyo.AI, and Academian. Somani isn’t new to the sports world either. He is also the co-owner of the Motor City Golf Club and was an early investor in TMRW Sports and Tomorrow’s Golf League.

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