As IPL 2026 prepares to get underway, the tournament's biggest off-field story has arrived with the announcement that US-based entrepreneur Kal Somani has led a consortium to acquire the Rajasthan Royals in a landmark $1.63 billion deal — one of the most significant transactions in the history of cricket franchise ownership.

Somani, who has held a minority stake in the one-time IPL champions since 2021, has now taken control of the franchise in a deal that underscores the explosive growth in the commercial valuation of IPL teams. The acquisition places the Royals among the most valuable sports properties in the world and signals the deepening interest of American capital in cricket's premier franchise competition.

Somani is a serial entrepreneur with a strong presence in the American technology ecosystem, serving as founder and CEO of IntraEdge, a technology services firm; Truyo and Truyo.AI, specialists in data privacy automation and AI governance; and Academian, a major ed-tech and digital content platform. His entry into sports ownership began through sports technology investments, including an early stake in TMRW Sports — the tech-driven golf venture founded by Tiger Woods and Rory McIlroy — and co-ownership of the Motor City Golf Club and the TGL Golf League.

The financial firepower behind Somani's consortium is formidable. Rob Walton — heir to the Walmart fortune, owner of the NFL's Denver Broncos, and the wealthiest sports team owner in the United States with a net worth exceeding $110 billion — is a key member. So is Sheila Ford Hamp, owner of the NFL's Detroit Lions and a prominent member of the Ford Motor Company family. The involvement of two NFL franchise owners in an IPL acquisition reflects the growing convergence of American sports investment with global cricket.

Somani, who flagged the IPL's "huge potential" when he first invested in 2021, has indicated his vision for the Royals is built on a long-term belief in the league's continued global ascent.