IPL franchise Rajasthan Royals near selling majority stake - Reports

Rajasthan Royals were the first-ever IPL tournament winners in 2008.

According to several industry insiders who spoke with Moneycontrol, British-Indian businessman Manoj Badale, who supported Rajasthan Royals (RR), who won the first Indian Premier League (IPL) in 2008, has initiated the process for a proposed big-bang deal that would offer a controlling stake in the well-known cricket team.

According to sources, Lachlan Murdoch of Fox Corporation and American investment management firm RedBird Capital Partners own about 15% of the brand, while Badale’s Emerging Media Ventures owns about 65%.

“A majority stake is up for grabs in Rajasthan Royals, and these are early days in the transaction.  The plan is value maximization, and depending on the preference of the incoming buyer and the strategy of the lead investor, Badale, and the minority shareholders, potentially, a 100 percent stake may also be available if feasible to all stakeholders. All options are on the table for now, and no structure has been finalized,” a Money Control report stated.

Badale can also exercise the option of ceding control but holding onto a part stake and not making a complete exit from the team, this person added.

Gujarat Titans’ sale last year set a precedent: Sources

According to sources, Gujarat Titans were valued at approximately Rs 7,500 crore (or $833 million) when the Torrent Group purchased a 67% share in the squad from private equity firm CVC Capital Partners in February 2025.

“The Gujarat Titans trade earlier in the year has set a benchmark of sorts for future IPL transactions. Private equity funds, corporates, and family offices have evinced interest in the Rajasthan Royals. Consortiums may be formed if required,” the same report stated.

When CVC Capital Partners entered and left the Gujarat Titans in 2021 and 2025, respectively, Adani Group was seen as a possible buyer.

Adar Poonawalla of Serum Institute, Dr. Ranjan Pai of Manipal Group, Parth Jindal of JSW Group (who already owns a stake in Delhi Capitals), Adani Group, and Jaipuris of Devyani International have all been connected to the ongoing strategic review of rival IPL team RCB (Royal Challengers Bangalore) in earlier media reports.

In an email response to Moneycontrol, a spokesperson for Rajasthan Royals stated, “The Rajasthan Royals are previous winners of the IPL and have qualified for the playoffs six times. Our policy is not to comment on rumor or speculation.”

Shimron Hetmyer, Jofra Archer, Yashasvi Jaiswal, and Ravindra Jadeja were among the players on the team’s IPL 2026 roster. In addition to his position as Director of Cricket, former Sri Lankan captain Kumar Sangakkara was reappointed as the team’s head coach in November 2025. The team made it to IPL 2022 final under Sangakkara.

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