A consortium led by US-based entrepreneur Kal Somani has acquired IPL franchise Rajasthan Royals in a record-breaking deal worth $1.63 billion, making it the first Indian Premier League team to cross the $1 billion valuation mark. According to news agency PTI, the deal, pending approval from the BCCI, is expected to be formally signed in the coming days.
HT.com earlier reported that 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 $1 billion.
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Who is Kal Somani?
Kal Somani is a US-based entrepreneur with over 15 years of experience across sectors, including education technology, artificial intelligence, data privacy and sports technology. According to his LinkedIn profile, he is based in Scottsdale, Arizona, and has built and led multiple ventures focused on emerging technologies and governance frameworks.
He has founded companies such as IntraEdge, a global technology services firm, as well as Truyo and Truyo.AI, which focus on privacy compliance and AI governance. He is also behind Academian, an education technology platform.
{{/usCountry}}He has founded companies such as IntraEdge, a global technology services firm, as well as Truyo and Truyo.AI, which focus on privacy compliance and AI governance. He is also behind Academian, an education technology platform.
{{/usCountry}}He is also the co-owner of Motor City Golf Club and an early investor in ventures such as TMRW Sports and the TGL Golf League, both of which are focused on innovating sports entertainment.
Somani was already associated with Rajasthan Royals as a minority stakeholder before leading the consortium that has now acquired the franchise.
“My focus is on building companies that deliver high-impact tech solutions while staying true to a mission of empowering people. Proud to partner with leading Fortune 100 and 500 organizations on this journey,” he wrote on LinkedIn.