A consortium led by US tech entrepreneur Kal Somani acquired Rajasthan Royals for $1.63 billion.
The buyout is heavily backed by Rob Walton (Walmart) and the Hamp family (owners of the NFL's Detroit Lions).
The deal marks a complete exit for current majority owners Emerging Media Ventures, led by Manoj Badale.
Originally bought for just $67 million in 2008, the Royals' $1.63B valuation highlights the IPL's massive commercial explosion.
This landmark transaction is expected to drive up the valuations of other IPL franchises currently exploring sales, such as RCB.
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