India, March 24 -- The sale is over. A consortium led by Kal Somani has acquired the Indian Premier League (IPL) franchise Rajasthan Royals for USD 1.63 billion. According to the Times of India, Somani has received backing from American businessman Rob Walton, of the Walmart family, and the Hamp family, which also has majority stakes in the NFL's Detroit Lions. As a result of this sale, the Royals have become the first IPL team to be sold for more than USD 1 billion.

The current owners of the Rajasthan Royals have been in talks to sell 100 per cent of the team for the past six months. The deal has been officially signed, and formalities are expected to be completed before the conclusion of the IPL 2026 season. A formal takeover will be c...