The Rajasthan Royals owner is Manoj Badale, the British-Indian businessman who has led the franchise since its founding in 2008. Badale holds a 65% controlling stake through his company Emerging Media IPL Ltd, with minority shareholders including RedBird Capital Partners (15%), Lachlan Murdoch (13%), and a group of individual investors holding the remaining 7%.
However, the ownership picture is about to change. Ahead of IPL 2026, the Rajasthan Royals are up for sale, with Badale and the other stakeholders now open to selling the entire franchise — not just a majority stake as initially planned. Bids closed on March 16, and three parties have submitted offers valued between $1.1 billion and $1.35 billion. The Aditya Birla Group is leading the race.
Here is the full breakdown of who owns Rajasthan Royals, the current ownership structure, the sale process, and who could be the new RR owner.
Current Rajasthan Royals Ownership Structure
| Stakeholder | Stake | Details |
|---|---|---|
| Manoj Badale / Emerging Media IPL Ltd | 65% | Lead owner since 2008. British-Indian entrepreneur, co-founder of Blenheim Chalcot |
| RedBird Capital Partners | 15% | New York-based investment firm. Acquired stake in 2021 |
| Lachlan Murdoch | 13% | CEO of Fox Corporation, part of the Murdoch media family |
| Individual investors | 7% | Includes Kal Somani, Ian McKinnon, Simer Mayo, and Mihir Patel |
The franchise operates under Royals Sports Group (formerly Emerging Media Sporting Holdings), which also owns the Paarl Royals in South Africa’s SA20 and the Barbados Royals in the Caribbean Premier League. The late Shane Warne, who captained RR to the inaugural IPL title in 2008, held a 3% stake earned through his playing contracts. His family is believed to still hold that stake.
Who Is Manoj Badale? RR’s Lead Owner
Manoj Badale was born in Dhule, Maharashtra, and raised in the UK. He studied economics at Cambridge University and went on to co-found Blenheim Chalcot, a London-based venture capital firm that builds and invests in technology and education businesses.
Badale’s estimated net worth is between $150 million and $250 million (approximately ₹1,250–2,000 crore). He was awarded an OBE in 2018 for services to the economy and charity.
Under Badale’s leadership, Rajasthan Royals adopted a data-driven, “moneyball” approach to squad building — investing in scouting systems and young talent development rather than chasing the most expensive players at auction. That philosophy delivered the inaugural IPL title in 2008 under Shane Warne and has kept the franchise competitive despite operating with smaller budgets than rivals like Mumbai Indians, Chennai Super Kings, and Royal Challengers Bengaluru.
Jake Lush McCrum serves as CEO of the Rajasthan Royals.
ALSO READ: Rajasthan Royals IPL 2026 squad analysis
Rajasthan Royals Sale: What Is Happening?
The Rajasthan Royals sale is in its final stages. The Raine Group — the same firm that handled the sales of Chelsea FC and Manchester United — is overseeing the process.
The sale timeline has moved quickly. Initially, Badale and the ownership group explored selling only a majority stake. They have since opened the door to a full 100% sale if the right valuation is met. The deadline for binding bids was March 16, 2026 — just 12 days before IPL 2026 begins on March 28.
Unlike the Royal Challengers Bengaluru sale, which has a hard March 31 deadline due to Diageo’s corporate pressures, the Rajasthan Royals owners are not in a hurry. The franchise is expected to complete the transaction over the coming months rather than before the season starts.
Who Is Buying Rajasthan Royals? Full List of Bidders
Three parties have submitted binding bids for the Rajasthan Royals. Here is who is in the race to become the new owner of RR:
Aditya Birla Group + David Blitzer (frontrunner) The Indian multinational conglomerate has partnered with US-based sports investor David Blitzer to submit a joint bid. Aryaman Birla, the younger son of Kumar Mangalam Birla, has reportedly been directly involved in discussions with the Blitzer family. This would mark the Aditya Birla Group’s first entry into sports franchise ownership. Blitzer already owns stakes in multiple sports teams globally, including the Philadelphia 76ers and Crystal Palace FC, and could be the Rajasthan Royals new owner.
Kal Somani + Rob Walton consortium Kal Somani is a US-based entrepreneur who already holds a minority stake in Rajasthan Royals, giving him an inside track to be the Rajasthan Royals new owner. His consortium partner, Rob Walton, is the heir to the Walmart fortune and currently owns the Denver Broncos in the NFL. The Somani bid has attracted attention because of Somani’s known association with Lalit Modi — the founder and former commissioner of the IPL who was banned by the BCCI. There is no official confirmation of Modi’s involvement, but the connection has fuelled speculation.
A leading Indian media group The third bidder has not been officially named, but reports from The Indian Express and Moneycontrol suggest it is either the Times of India Group or Capri Global. Both entities were also linked to the RCB sale process.
The bids are understood to be in the range of $1.1 billion to $1.35 billion (approximately ₹9,000–12,000 crore). A valuation closer to $1.3 billion is considered likely to be acceptable to the current owners.
Rajasthan Royals Valuation: How Much Is the Franchise Worth?
The RR valuation has risen sharply in recent years, driven by the IPL’s new media rights deal and the broader growth of cricket’s commercial ecosystem.
| Year | Valuation Benchmark |
|---|---|
| 2008 | $67 million (original purchase price) |
| 2021 | RedBird Capital acquired 15% stake (implied valuation ~$600M) |
| 2025 | Gujarat Titans sold for ~$833 million |
| 2026 | Current bids: $1.1–1.35 billion |
For context, the RCB sale is expected to close near $2 billion — roughly 50% higher than the RR valuation. The difference is largely attributed to RCB’s association with Virat Kohli and its larger urban fanbase in Bengaluru. Rajasthan Royals do not have a Women’s Premier League team either, which limits their brand footprint compared to some rivals. They. also have significant changes going on this time personnel-wise and within the RR squad for IPL 2026. Riyan Parag was named as the new RR captain for IPL 2026. Sanju Samson was traded out to Chennai Super Kings while Sam Curran was traded in. However, Sam Curran injury means he won’t play IPL 2026.
Why Are the Rajasthan Royals Being Sold?
There is no single reason, but several factors have converged for Rajasthan Royals new owner hunt.
The Gujarat Titans sale in 2025 at $833 million set a new benchmark for IPL franchise valuations. That deal demonstrated that even relatively newer franchises could command near-billion-dollar prices, making this an attractive window for existing owners to sell at peak value.
Badale’s ownership group is primarily composed of venture capital and private equity investors — the kind of stakeholders who build value and then exit at the right moment. With IPL media rights having been sold for over $6 billion and franchise valuations at all-time highs, the current market represents a logical exit point.
The franchise also faces competitive pressure. RR have not won the title since 2008, reached the final only once since (2022), and do not have the deep-pocketed industrial backing that franchises like Mumbai Indians (Reliance), Chennai Super Kings (India Cements/N. Srinivasan), or Lucknow Super Giants (RPSG Group) enjoy. New ownership with larger capital reserves could give RR the financial muscle to compete at the top end of the auction market.
What Happens Next?
The bids have been submitted for the Rajasthan Royals new owner. The Raine Group will now evaluate the offers and facilitate negotiations between the current owners and the preferred bidder. Given that the RR ownership group is not working to a hard deadline, the process could extend into April or May 2026 — potentially concluding during the IPL season itself.
Key things to watch:
- Whether the Aditya Birla Group closes the deal, which would be one of the largest sports acquisitions by an Indian conglomerate
- Whether the Kal Somani bid advances, and if so, whether Lalit Modi’s involvement becomes a factor that the BCCI scrutinises
- Whether the sale includes the sister franchises (Paarl Royals and Barbados Royals) or only the IPL team
- How the ownership transition affects the franchise’s squad-building philosophy, coaching setup under Kumar Sangakkara, and the development of young captain Riyan Parag
Until the sale is completed, Manoj Badale remains the Rajasthan Royals owner for IPL 2026.
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