Lalit Modi, founder, creator, and first Chairman & Commissioner of the Indian Premier League (IPL), has expressed interest in buying the Rajasthan Royals (RR).
Last year, the lead owner of the 2008 IPL champions, Manoj Badale, had confirmed the sale of the franchise. In January, RR received a bid of $1.3 billion (INR 11,791 crore approximately) from Kal Somani, an investor in RR since 2021.
Rajasthan Royals ownership break-up
- Manoj Badale / Emerging Media Ventures – 65%
- RedBird Capital Partners – 15%
- Lachlan Murdoch – 13%
- Individual minority stakeholders (Ian McKinnon, Kal Somani, Simer Mayo, Mihir Patel) – 7%
Lalit Modi to buy RR?
According to Khel Now, Lalit Modi has formed a consortium with Kal Somani. For the unversed, Modi has been banned for life by the Board of Control for Cricket in India (BCCI) after he was found guilty of misconduct, indiscipline, and financial irregularities.
Global investment bank The Raine Group is overseeing the process of the sale. In this regard, Modi and Somani will meet everyone involved on March 16. According to reports, March 31 has already been confirmed as the last date for the sale of RR. But Modi and Somani aren’t the only ones interested.
RR potential buyers
- Consortium led by Aditya Birla Group and David Blitzer
- Consortium led by Times Internet Chairman Satyan Gajwani
- Consortium led by Kal Somani and Lalit Modi
- Consortium led by Adar Poonawalla
Poonawala and Blitzer have also shown interest in buying the Royal Challengers Bengaluru, who are also up for sale. Blitzer has a stake in the Philadelphia 76ers in the National Basketball Association (NBA), the New Jersey Devils in the National Hockey League (NHL), and Real Salt Lake in Major League Soccer (MLS).
Meanwhile, Gajwani holds a 49% stake in London Spirit, one of the 8 franchises in The Hundred. He’s also among the founding investors behind Major League Cricket in the United States of America (USA).
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