The deal is anticipated to be finalised in the upcoming days and will take effect following the 2026 IPL season. Currently, British-Indian businessman Manoj Badale owns a 65% share in the franchise.
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Somani, an existing backer of the franchise, is accompanied by prominent investors, including Rob Walton from the Walmart family and members of the Ford-supported Hamp family. He also founded Arizona-based firms IntraEdge, Truyo.ai, and Academian.
The deal is set to be formalised shortly and will be implemented after the 2026 IPL season. Manoj Badale, the British-Indian businessman, currently has a 65% stake in the franchise.
The group led by Somani outperformed competing offers from a Times Internet consortium, the Aditya Birla Group, and the Mittal family spearheaded by ArcelorMittal CEO Aditya Mittal.
At $1.63 billion, this agreement underscores the steep valuation trajectory of the IPL; in contrast, the Lucknow Super Giants were acquired by the RPSG Group for just over ₹7000 crore in 2021.
Meanwhile, reigning champions Royal Challengers Bengaluru are also available for sale, with expectations that their valuation may exceed $2 billion.
First Published: Mar 24, 2026 6:14 PM IST
