A tech entrepreneur from Arizona has just become the man behind one of cricket’s biggest franchise deals. Most cricket fans had never heard of Kal Somani before this week — but the $1.63 billion cheque his consortium has written for Rajasthan Royals has made him one of the sport’s most talked-about new figures.

From Scottsdale to the Pink Army

Somani is based in Scottsdale, Arizona, and has spent the last 15 years building businesses across artificial intelligence, ed-tech, data privacy and sports technology. His most prominent ventures are IntraEdge — a technology services firm — Truyo.AI, which focuses on AI governance and data privacy compliance, and Academian, an ed-tech platform.

He has been a vocal presence in AI governance conversations in the United States, and his company Truyo is used by various organisations to manage data privacy regulations. Despite being based in the US, Somani’s journey traces back to India, giving him a deeper personal connection to the IPL than a typical foreign investor might have.

A Sports Investor With Growing Ambitions

Somani’s move into cricket ownership did not come from nowhere. His interest in sports investment has been building steadily. He is a co-owner of Motor City Golf Club and was an early backer of TMRW Sports — the tech-driven sports venture co-founded by Tiger Woods and Rory McIlroy — as well as the TGL Golf League, which uses technology and simulation alongside live golf.

His bet on the IPL started in 2021, when he first invested in Rajasthan Royals as a minority stakeholder. At that time, he said:

“We see huge potential with this investment, and we are excited for the future of the IPL.”

Five years later, that minority investment has become a full buyout at $1.63 billion.

Who Is Backing Him

The consortium Somani leads includes two of America’s most powerful families. Rob Walton — the eldest son of Walmart founder Sam Walton, heir to the Walmart fortune and majority owner of NFL team Denver Broncos — is a key backer. With a net worth exceeding $110 billion, Walton is considered the wealthiest sports team owner in the United States.

The other major partner is Sheila Ford Hamp and the Hamp family, who own a majority stake in Detroit Lions and are closely linked to the Ford Motor Company legacy.

Together, this consortium combines technology, retail, automotive and NFL money — all now pointed at pink-and-gold IPL cricket.

What the Deal Says About the IPL

The franchise was previously owned by Emerging Media Ventures, headed by British-Indian businessman Manoj Badale, who held a 65% stake. Other stakeholders included RedBird Capital Partners and Lachlan Murdoch. The Raine Group, an American investment bank with deep ties to sports and media, managed the sale process.

A source close to the deal put the numbers in context:

“If you look at the sale of the latest IPL entrants Lucknow Super Giants, it is way more than that. It just shows remarkable growth of the league.”

LSG were bought by the RPSG Group for just over Rs 7,000 crore in 2021. RR have now sold for more than double that figure just five years later — and even that record was broken within days when RCB were acquired for $1.8 billion.

The BCCI’s approval is still pending before the deal is formalised, and the ownership change is expected to come into effect after IPL 2026 concludes.