The pending $1.6 billion sale of cricket’s Rajasthan Royals is set to deliver a windfall for the Indian Premier League team’s investors, including Gerry Cardinale‘s RedBird Capital, which is making a nearly 8x return, and Lachlan Murdoch, who is getting more than 90 times his original investment.
Several investors are set to cash out of the Royals as a consortium led by entrepreneur Kal Somani and Rob Walton of the Walmart family buys the team. The bidders are in final negotiations with a goal of signing a contract by mid-April, a person familiar with the situation said.
Established in 2008, the Rajasthan Royals were one of the eight original IPL franchises. Emerging Media Ventures, led by entrepreneur Manoj Badale, famously bought the franchise for $67 million in 2008. The team has since made the IPL playoffs six times, the finals twice and has won the championship once, in 2008. But 2025 was a disappointing year for the Royals, finishing ninth out of 10 teams.
The franchise has many investors. One of the more well-known is RedBird Capital, which acquired a 15% stake in the team in 2021 at a $210 million valuation, a second person familiar with the situation said. RedBird has invested close to $50 million in the team, said the person, who was granted anonymity because the details are private. Based on the team’s $210 million valuation when RedBird invested, the deal produced a 7.8x multiple on invested capital, another person familiar with the situation said. RedBird’s gross profit, if the deal goes through, is $365 million or more than 7x its money, the person said.
Lachlan Murdoch, Fox’s executive chair and CEO and News Corp’s chair who is also Rupert Murdoch’s oldest son, invested $2.3 million in 2008 when the Rajasthan Royals were founded, a third person familiar with the situation said. Murdoch owns 13% of the Royals, two of the people said. He stands to pocket about $210 million from the sale, which translates to a stunning 92.4x return.
Siguler Guff, the private markets firm with $18 billion in assets under management, will more than double its money with the sale, a fourth person familiar with the situation said. Siguler invested $40 million in August for a less than 10% stake of the Royals, the person added.
Returns for other investors aren’t as clear. Badale controls Emerging Media, the sports investment platform of Blenheim Chalcot, which currently owns 66% of the team, the first person said. (Badale holds 10% of EMV’s 66% while Siguler’s stake is also part of EMV’s holding.) Indian businessman Suresh Chellaram has 5%, they said.
Several parties, including a group led by Aditya Birla Group in partnership with David Blitzer’s Bolt Ventures and The Times of India Group, bid for the Rajasthan Royals before the Somani and Walton-led consortium was named the winner on March 20. Ares Management and Michael Hamp’s Middle West Partners were also part of the winning consortium.
This week, Bolt Ventures, Aditya Birla Group and The Times of India Group were all part of a different consortium that purchased another IPL team, Royal Challengers Bengaluru. That deal still needs approval.
UPDATED: This story was updated to include RedBird Capital’s multiple on invested capital and RedBird’s gross profit, if the deal for the Royals goes through.
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