RAJASTHAN ROYALS has initiated a process to divest a majority stake in the franchise at a time when investor appetite for the Indian Premier League (IPL) remains robust, people familiar with the development told ET.
The team has appointed Raine Group to oversee the transaction and has begun approaching potential buyers. Various brand valuation firms estimate the IPL ecosystem to be worth between $10 billion and $18 billion. When the Jaipur-based franchise sold a minority stake nearly five years ago, it was valued at around $250 million. More recently, Gujarat Titans acquired in majority by the Torrent Group was valued at approximately Rs 7,500 crore.
Sources tracking the situation say the Royals have already received several expressions of interest, although no formal bids have been submitted yet, the report said.
Raine Group, which has previously advised on cricket franchise deals including England’s The Hundred, is leading the outreach, valuation assessments, and investor evaluation process. Insiders note that the Rajasthan Royals promoter group, led by Manoj Badale, is open to a majority sale, though the final stake size will depend on the valuation ultimately achieved, the report added.
In 2021, Badale’s Emerging Media increased its ownership from 51% to 65%. That same year, US-based RedBird Capital Partners acquired a 15% stake for $37.5 million. RedBird, an investor in Major League Baseball (MLB) and Major League Soccer (MLS), is now looking to exit the franchise. Lachlan Murdoch, chief executive of Fox Corporation, is also among the team’s minority shareholders.
