Rajasthan Royals valued at $1.65B

Cricket teams are starting to look less like sports trophies and more like infrastructure. That’s the real story behind Rajasthan Royals being bought at a reported $1.65 billion valuation this week. A few years ago that number would have sounded wild for an IPL franchise. Now it lands as the second billion-dollar-plus IPL deal in a little over a month — which tells you the market has moved. ### Who bought Rajasthan Royals? The reported buyers are Laxmi Mittal and Adar Poonawalla — two of the biggest names in steel and vaccines, not cricket operations. CNBC says they beat a U.S.-led group fronted by Kal Somani and backed by Rob Walton. That part matters because it shows this was not a sleepy local transaction. There was real competitive bidding for the asset. (cnbc.com) ### Why is $1.65 billion such a big deal? Because Rajasthan Royals are not the biggest brand in the league. They are not the IPL’s equivalent of the Yankees or Real Madrid. So if a team like Rajasthan can clear $1.65 billion, the market is basically saying even second-tier or mid-tier IPL brands now deserve global-franchise pricing. That resets the floor for everyone else. (cnbc.com) ### What changed so fast? The short answer is that investors stopped valuing IPL teams like seasonal cricket clubs. They now look more like recurring media businesses. The league runs for roughly two months, but the economics stretch across sponsorships, streaming, licensing, merchandising, and year-round brand value. CNBC notes Deloitt(cnbc.com) behind only the NFL. (cnbc.com) ### Why does RCB matter here? Because Rajasthan’s sale did not happen in isolation. In late March, Royal Challengers Bengaluru was sold in a deal pegged around $1.8 billion. That transaction involved a consortium including Blackstone and David Blitzer, both names that signal institutional sports investing rather than vanity ownership. O(cnbc.com)g like a pricing benchmark. (cnbc.com) ### Are these numbers consistent across rankings? Not perfectly — but they rhyme. StockGo’s latest valuation list puts RCB at ₹16,706 crore and Rajasthan Royals at ₹15,300 crore. Those are not transaction prices, so they are not the same thing as an actual sale. But they point in the same direction: Rajasthan is now being valued near the very top of the league, not as a niche underdog brand. (newsable.asianetnews.com) ### Why are outside investors piling in? Basically, scale. The IPL has a massive audience base, short seasons, intense fan loyalty, and limited franchise supply. There are only 10 teams. That makes ownership scarce in the way prime real estate is scarce. (newsable.asianetnews.com)sh flows plus capital appreciation, which is exactly the language investors use for mature assets. (cnbc.com) ### What’s the catch? The catch is that private valuations can run ahead of operating reality. Rankings like StockGo’s are useful mood indicators, but only completed deals really test what buyers will pay. Even then, approvals, structure, and bundled assets can complicate the headline number — like RCB including both IPL and WPL rights in the sold entity. (newsable.asianetnews.com) ### Bottom line? Rajasthan Royals at $1.65 billion is not just a cricket story. It’s a sign that IPL franchises have crossed into the same conversation as global sports properties that institutions want to own, finance, and trade. Rajasthan’s sale makes that shift hard to dismiss. (cnbc.com)