The Indian Premier League (IPL) continues to be a hotbed of activity, not just on the field but also in the boardroom, as franchise valuations soar to unprecedented levels. Following reports of Royal Challengers Bengaluru (RCB) seeking new owners, it has emerged that Rajasthan Royals (RR) may also be on the market. This development suggests a potentially significant ownership shake-up within the league ahead of the 2026 season.
The news comes from businessman Harsh Goenka, brother of Lucknow Super Giants owner Sanjiv Goenka, who shared on X, formerly known as Twitter, that both RCB and RR are potentially up for sale. Goenka alluded to the current owners looking to capitalize on the high valuations that IPL teams currently command. "I hear, not one, but two IPL teams are now up for sale- RCB and RR. It seems clear that people want to cash in the rich valuations today," he stated.
RCB's pursuit of a sale has been public for weeks, with parent company Diageo reportedly seeking a valuation of around USD 2 billion. The sports business accounted for a significant portion of the company's total profit in the last financial year, ending March 31, 2025. While the sale is expected to be completed by March 31, 2026, the franchise will continue its activities, including participating in player auctions.
Rajasthan Royals, on the other hand, have not officially confirmed any sale plans. However, reports suggest that the franchise is evaluating "serious structural changes off the field". As part of this reset, RR is also considering relocating its home games from Jaipur, with Pune's MCA Stadium emerging as a possible venue for the IPL 2026 season. This potential move follows tensions with the Rajasthan Cricket Association.
The primary ownership of RR is held by the Royals Sports Group, controlling approximately 65% of the franchise. Minority investors include Lachlan Murdoch and RedBird Capital Partners. The franchise has a complex history with ownership, including the involvement of Bollywood actor Shilpa Shetty and Raj Kundra, who later sold their stake after the 2013 betting scandal that led to the team's two-year suspension.
The potential sale of two IPL franchises reflects the league's skyrocketing brand value and the increasing interest from investors worldwide. According to a study by investment bank Houlihan Lokey, the business value of the IPL has risen by 12.9% year-over-year to US$18.5 billion in 2025. The standalone brand value of the league has increased by 13.8% to US$3.9 billion. The average valuation of an IPL franchise is now over $1 billion.
Several factors drive IPL team valuations, including media rights revenue, sponsorship revenue, fan engagement, and the influence of star players. The Board of Control for Cricket in India (BCCI) five-year media rights deal for 2023-2027 is worth ₹48,390 crores. The IPL's global viewership is over 600 million across 200+ countries.
With RCB openly pursuing a USD 2 billion sale and RR potentially joining them, the IPL market could be gearing up for a significant ownership reshuffle. Businessman Adar Poonawalla has expressed interest in securing the RCB sports business. A consortium involving Poonawalla, along with entrepreneurs Nikhil Kamath and T.V. Mohandas Pai, may bid for RCB.
As the IPL continues to grow in popularity and financial might, the potential entry of new owners could bring fresh investment and ideas to the league. It remains to be seen who the successful bidders will be and what impact these ownership changes will have on the future of these franchises and the IPL as a whole.
