In the IPL, trophies still shape legacies, but money is increasingly redefining power. The Rajasthan Royals now sit at the centre of that shift, with the Jaipur-based franchise closing in on becoming the first IPL team to be valued at over $1 billion (approximately ₹9,215 crore).
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On-field success has been sporadic in recent seasons, yet the Rajasthan Royals’ business valuation has surged. The franchise has attracted strong interest from global investors, with multiple bids already crossing the billion-dollar mark, underscoring how rapidly the IPL’s financial ecosystem is expanding.
According to sources familiar with the process, four bidders have submitted offers in the range of $1.1 billion to $1.3 billion. The figures are striking for a franchise that has rarely been among the league’s most marketable brands, but they reflect the IPL’s pull far beyond match results. For comparison, the current record for the most expensive IPL franchise remains with Lucknow Super Giants, acquired by the RPSG Group for around ₹7,090 crore.
Rajasthan Royals are currently owned by Emerging Media Ventures alongside RedBird Capital Partners and Tiger Global. Among the interested bidders is American investor Kal Somani, who already holds a stake in the franchise, along with heavyweight global firms including Times Internet, Blackstone Inc. and Carlyle Group Inc.
On the cricketing front, RR’s journey has been uneven. Champions in the inaugural 2008 season, the Royals have reached just one final since, finishing runners-up to the Gujarat Titans in 2022. A gradual decline followed, culminating in a major reset after the 2025 season. Yet those struggles have done little to dampen investor enthusiasm.
The sale process is being managed by the Raine Group, known for handling some of the world’s biggest sports transactions, including the sales of Chelsea FC in 2022 and Manchester United in 2024, an indicator of the scale and seriousness of the deal.
And Rajasthan Royals may only be the beginning. With their valuation setting a new benchmark, attention is now shifting to Royal Challengers Bengaluru. The defending IPL champions boast one of the league’s strongest brands and largest fan bases and are also exploring a potential ownership change.
Sources close to the discussions suggest bids for RCB could approach or even exceed the $2 billion mark. Diageo, the current owner, is understood to be encouraged by the Royals’ valuation and has begun testing the market. Given RCB’s global popularity, expectations are that their price tag could comfortably surpass that of RR.
Adding to the intrigue, Blackstone and Carlyle are reportedly weighing bids for both franchises, highlighting how aggressively global investment firms are positioning themselves around the IPL.
If the Rajasthan Royals sale sets a new financial benchmark, Royal Challengers Bengaluru could push it even further. Either way, the message is clear: form may fluctuate, but the value of IPL franchises continues to soar, and the billion-dollar era has only just begun.
