Kamal Ghorui
The Rajasthan Royals were one of the eight original franchises auctioned by the Board of Control for Cricket in India (BCCI) in early 2008 ahead of the Indian Premier League (IPL), a city-based T20 competition. At the top were the Mumbai Indians, acquired for $111.90 million, followed by the Royal Challengers Bengaluru (RCB) for $111.60 million. At the other end of the spectrum were the Rajasthan Royals, picked up by the Emerging Media Group for $67 million.The Manoj Badale-led group were the lead investor in the Jaipur-based franchise, which went on to win the inaugural edition of the IPL in 2008.Emerging Media increased its holding in the franchise from 51 percent to 65 percent in 2021. In the same year, US-based RedBird Capital Partners bought a minority stake of nearly 15 percent for $37.5 million, valuing the team at around $250 million.The franchise was subsequently owned and controlled by Emerging Media Group, RedBird Capital Partners, and Lachlan Murdoch, chief executive of Fox Corporation, among other minor stakeholders.During this period of increased ownership in 2021, Emerging Media IPL Limited raised funds from multiple individual investors, including Kal Somani, Ian McKinnon, Phil Jansen, Ron Kalifa, Ed Wray, Simer Mayo and Mihir Patel.“We see huge potential with this investment, and we are excited for the future of the IPL,” Somani had said at the time.In late 2025 and early 2026, Rajasthan Royals began the process of selling the franchise and sought a valuation of more than $1 billion.On March 24, after months of discussions, a Kal Somani-led consortium, backed by American businessman Rob Walton of the Walmart family and the Hamp family, which owns the Ford Motor Company, bought 100 percent of the franchise for $1.63 billion.In absolute terms, the franchise has seen a $1.563 billion increase in value over 19 years. This represents a 2,332.84 percent rise, or 24.33 times the original price paid by Emerging Media.Looking at it deeper, Rajasthan Royals have gone from $67 million in 2008 (approx Rs 2,680 crore; $1 = Rs 40) to $1.63 billion in 2026 (approx 15,300 crore; $1 = Rs 93.9).
