Majority stake in Rajasthan Royals up for sale as franchise seeks valuation above $1 billion

Rajasthan Royals, the inaugural champions of the Indian Premier League (IPL), have initiated discussions for a potential majority stake sale, according to multiple media reports.

British-Indian entrepreneur Manoj Badale, whose Emerging Media Ventures is believed to hold around 65% of the franchise, has begun a strategic process that could lead to a controlling stake changing hands. Minority shareholders include RedBird Capital Partners, which reportedly owns about 15%, and Lachlan Murdoch among others.

Sources cited in a report by Moneycontrol, said that the exercise is aimed at 'value maximisation,' with all ownership structures, ranging from a partial exit to a complete 100% sale, currently under consideration.

Another source said the franchise is targeting a valuation of over $1 billion, though the final deal size will depend on negotiations with potential buyers. Preliminary conversations have already taken place with suitors from private equity, corporate groups and family offices, with the possibility of consortium bids not ruled out.

The benchmark for valuations in IPL team deals was strengthened earlier this year when the Torrent Group acquired a 67% stake in Gujarat Titans, valuing that franchise at approximately $833 million.

Industry observers also noted that contenders for Royal Challengers Bengaluru (RCB), currently undergoing its own strategic review, may show interest in Rajasthan Royals. However, IPL rules prevent a single owner from holding direct stakes in two teams simultaneously.

A spokesperson for Rajasthan Royals declined to comment on “rumour or speculation.”

The franchise has appointed The Raine Group, a global merchant bank known for handling major sports and entertainment transactions, as the sell-side advisor.

Team profile & recent developments

Rajasthan Royals, winners of the inaugural IPL season in 2008, have built a reputation for innovation, being the first team to field an overseas captain and coach and the first to adopt a multi-venue home strategy.

The 2025 squad featured senior players such as Ravindra Jadeja, Yashasvi Jaiswal, Jofra Archer and Shimron Hetmyer. Former Sri Lanka captain Kumar Sangakkara was re-appointed head coach in November, continuing in his dual role as Director of Cricket.

The franchise has also expanded offshore interests, having acquired a majority stake in the Barbados Royals in the Caribbean Premier League in 2021.

The Rajasthan Royals process comes amid a wave of ownership changes across the IPL ecosystem. In November, United Spirits Ltd, the Indian arm of Diageo, announced a strategic review of its investment in Royal Challengers Bengaluru, seeking a valuation of around $2 billion. That review is expected to conclude by March 2026.

Several high-profile business leaders, including Adar Poonawalla, Dr Ranjan Pai, and Parth Jindal, have been linked to ongoing franchise sale discussions, though some have denied interest in Rajasthan Royals.

Email queries to Badale, Emerging Media Ventures, RedBird Capital, Lachlan Murdoch and The Raine Group remained unanswered at the time of publication.