The week before IPL 2026 began turned into a historic one in franchise cricket — two of the league’s most high-profile teams changed hands within days of each other, setting new records for franchise valuations and bringing powerful new investors into the world’s richest T20 competition.

Rajasthan Royals: The $1.63 Billion Deal

A consortium led by US-based tech entrepreneur Kal Somani has acquired 100 per cent of Rajasthan Royals for $1.63 billion — approximately Rs 15,286 crore — making it the first IPL franchise to be sold for more than $1 billion. The sale was agreed with the Emerging Media Ventures group, led by Manoj Badale, who had held a controlling stake in the franchise since its inception.

Somani is the founder of IntraEdge, Truyo.AI and Academian, with his work spanning ed-tech, AI governance and data privacy. He is not new to the franchise — he made his first investment in RR back in 2021, at which point he had said:

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

His partners in this acquisition are two powerful American families. Rob Walton is the heir to the Walmart retail empire. The Hamp family, led by Sheila Ford Hamp, hold majority stakes in NFL side Detroit Lions and are part of the broader Ford Motor Company family. The new ownership takes effect after IPL 2026 concludes.

RCB Goes Even Higher: $1.78 Billion

The RR deal held the record for barely days. A consortium led by Aditya Birla Group signed a definitive agreement to acquire 100 per cent of Royal Challengers Bengaluru for approximately $1.78 billion — around Rs 16,916 crore. The deal was signed with United Spirits Limited, a Diageo subsidiary that had owned RCB since the franchise’s founding.

The consortium includes Times of India Group, David Blitzer’s Bolt Ventures and US-based investment firm Blackstone. Aryaman Vikram Birla, director at Aditya Birla Group, will serve as chairman of the franchise post-transition, while Satyan Gajwani of Times of India Group takes on the vice-chairman role.

To understand the scale of these numbers, the original eight IPL franchises were sold in 2008 for a combined $723 million. RCB alone is now worth more than double that entire sum.

What These Sales Say About the IPL

The Houlihan Lokey IPL Valuation Study from 2025 valued the IPL’s total business at $18.5 billion, up from $15.4 billion in 2023. These franchise sales are a direct reflection of that growth — global investors from the Walmart family to Aditya Birla Group are now betting big on Indian franchise cricket as a long-term asset class.

Meanwhile, On the Field: Shanaka Replaces Curran for RR

Away from the boardroom drama, RR also had to manage a significant squad change before IPL 2026. England all-rounder Sam Curran — traded to RR alongside Ravindra Jadeja as part of the deal that took Sanju Samson to Mumbai Indians — has been ruled out of the tournament with an injury.

Sri Lanka T20I captain Dasun Shanaka has been signed as his replacement for Rs 2 crore, dropping his PSL contract to take up the opportunity. He brings 131 T20Is, over 3,350 international runs and 86 wickets to RR’s middle order.

RR head coach Kumar Sangakkara put it simply:

“We are disappointed to lose a player of Sam’s calibre so close to the start of the season. However, we are pleased to have found an ideal replacement in Dasun Shanaka, a finisher with the bat and a quality all-rounder who helps maintain the balance of our side.”

RR open their campaign against CSK on March 30 at Barsapara Stadium in Guwahati, under owners who are completing a handover of a franchise now worth over Rs 15,000 crore.