Kal Somani: Meet the US entrepreneur whose consortium acquired IPL team Rajasthan Royals in $1.63 bn deal

A US-based consortium led by tech entrepreneur Kal Somani has reportedly agreed to acquire a 100% stake in Rajasthan Royals for a record $1.63 billion (Rs 13,500 crore).

It is said to be the largest ownership transaction in the IPL's history. The Royals are the first IPL team to be sold for over USD 1 billion, but the change in ownership, however, is likely to kick in after IPL 2026.

The Royals were previously owned by Emerging Media Ventures, led by British-Indian businessman Manoj Badale. They were one of the eight original franchises that participated in the IPL's first-ever season. Before the 2008 IPL, the Rajasthan franchise was acquired by Emerging Media Ventures for USD 67 million, making it the most affordable franchise sold by the BCCI before that inaugural edition.

Who is Kal Somani

Somani, a Scottsdale-based entrepreneur with more than 15 years of experience in artificial intelligence, ed-tech, and data privacy, has founded and led multiple ventures across different domains. He said to have founded IntraEdge, a technology services firm, as well as Truyo and Truyo.AI, which focus on data privacy automation and AI governance. He also established Academian, a platform operating in the ed-tech and digital content space.

In the sports domain, his portfolio includes co-ownership of the Motor City Golf Club and investments in emerging ventures such as the TGL Golf League and TMRW Sports.

Notably, Somani’s consortium that acquired the Rajasthan Royals has the backing of high-profile investors including Rob Walton, heir to the Walmart fortune and owner of the Denver Broncos. With a net worth exceeding $110 billion, Walton is regarded as the wealthiest sports owner in the United States. The consortium also includes the influential Hamp family, led by Sheila Ford Hamp, owner of the Detroit Lions and a prominent figure within the Ford Motor Company legacy.

Notably, Somani has held a minority stake in the Royals since 2021