Rajasthan Royals exploring majority stake sale; target valuation above $1 Billion
Manoj Badale–led ownership reportedly begins talks for potential controlling stake sale; Raine Group advising the process as IPL franchise valuations surge post Gujarat Titans deal.
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British-Indian entrepreneur Manoj Badale, who controls IPL franchise Rajasthan Royals, has reportedly begun early-stage discussions to explore a strategic transaction that could see a majority stake, or even a full buyout, change hands, multiple people familiar with the matter told Moneycontrol. Rajasthan Royals won the inaugural IPL title in 2008.
Krafton eyes entry into IPL ownership, in early talks for minority stake in Rajasthan Royals
Badale’s Emerging Media Ventures currently owns about 65% of the franchise, while RedBird Capital Partners is believed to hold around 15%, alongside other minority investors such as Lachlan Murdoch.
According to the report, a majority stake is on the table, and depending on negotiations, a full 100% sale could also be evaluated if it aligns with all stakeholders. Badale may choose to relinquish control while retaining a minority holding if that structure maximises returns.
The indicative valuation reportedly being targeted is north of $1 billion, though the final price and structure will depend on deal dynamics.
The recent Gujarat Titans sale has established a valuation benchmark, drawing interest from private equity funds, corporates and family offices, investor consortiums could be formed.
In February 2025, Torrent Group acquired a 67% stake in Gujarat Titans from CVC Capital Partners, valuing the franchise at around ₹7,500 crore ($833 million). The Adani Group had been considered a suitor during both the entry and exit of CVC.
Those tracking IPL ownership changes believe the same bidders circling Royal Challengers Bengaluru (RCB) could also consider Rajasthan Royals, though dual ownership of teams within the same season may not be permitted due to conflict-of-interest regulations. Sources close to JSW Group and Adar Poonawalla indicated that neither is evaluating a bid for the franchise, the report added.
The Raine Group, a global sports and entertainment investment bank, has been appointed sell-side advisor.
It was earlier reported that Krafton India has entered preliminary talks to acquire a minority stake in Rajasthan Royals, marking what could be a first-of-its-kind convergence between the country’s booming gaming ecosystem and mainstream sports ownership.
According to CNBCTV-18, the South Korean publisher of Battlegrounds Mobile India (BGMI) is exploring a secondary purchase from an existing investor within the Manoj Badale-led ownership group. Early valuation assessment has begun, though the contours of a potential deal remain fluid.
Rajasthan Royals’ Track Record and Portfolio
Beyond being the first IPL champions, the Jaipur-based franchise highlights several league firsts—including appointing an overseas captain and coach, operating across multiple home grounds, and running international exhibition matches.
Expanding globally, Rajasthan Royals acquired a majority stake in the Caribbean Premier League’s Barbados Royals in 2021. Minority shareholder RedBird Capital also has investments in AC Milan and Formula One’s Alpine Racing.
Diageo puts RCB on sale at $2 billion valuation, Adar Poonawalla emerges as frontrunner
The Royals process comes as ownership changes sweep the IPL ecosystem. In November, United Spirits / Diageo launched a strategic review of its investment in RCB, with the process expected to conclude by March 31, 2026. A valuation near $2 billion has been discussed, with Adar Poonawalla reported as an early frontrunner.
