Kal Somani, an existing shareholder in the Rajasthan Royals IPL team, has taken over the franchise, acquiring the Jaipur-based outfit for approximately USD 1.6 billion. Times Group, which was also in the fray, finished a close second in the bidding race.

Somani will head a consortium that includes Walmart, and his group has acquired a full 100 percent stake in the Royals - one of the original eight IPL franchises. He is expected to take over the reins after the 2026 season from UK-based Manoj Badale of Emerging Media.

Hailing from Scottsdale, Arizona, Kal Somani, who is in his 50s, has interests in golf apart from cricket. He is one of the founders of Motor City Golf Club, which has an association with golfing legend Tiger Woods. His son, Arjun Somani, is a promising talent on the US junior circuit. Somany's interests range from academics to sport and he is the founder of multiple companies.

Industry experts have said the USD 1.6 billion valuation for Rajasthan Royals is not surprising. "RR deal validates higher franchise valuations," said Karan Turani of Elara Capital. "The acquisition of Rajasthan Royals by a Kal Somani-led consortium at $1.63bn reinforces our view that IPL franchises are now valued in the $1.5-2.0bn range, supported by strong media monetisation and rising global investor interest."