India, March 25 -- IPL franchise Rajasthan Royals is set to be sold to a US-based Kal Somani-led consortium for a whopping $1.63 billion (approx Rs 15,290 crore).

The Somani-led consortium includes Rob Walton from the Walmart family and the Hamp family (Ford). Somani is an Arizona-based tech entrepreneur who has founded IntraEdge and Truyo. AI and Academia.

The other contenders were Times Internet-led consortium, the Aditya Birla Group and the Mittal family led by ArcelorMittal CEO Aditya Mittal.

The sale of the Rajasthan Royals is subject to approval from the BCCI and will come into effect after the 2026 edition. British-Indian Manoj Badale held a 65 per cent stake in the Royals.

"Kal is an existing investor in the franchise. The dea...