Lachlan Murdoch Nets 92x Return in Landmark $1.6 Billion Rajasthan Royals Sale

The impending sale of the Rajasthan Royals for USD1.6 billion (AUD2.3 billion) is set to generate one of the most significant windfalls in Indian Premier League (IPL) history.

The transaction, led by a consortium including entrepreneur, Kal Somani and Rob Walton of the Walmart family, marks a watershed moment for the franchise’s early investors, notably Lachlan Murdoch, who is poised to secure a staggering 92.4x return on his initial 2008 investment.

Murdoch, the executive chair and CEO of Fox and chair of News Corp, originally invested USD2.3 million (AUD3.3 million) at the franchise’s inception in 2008. Holding a 13% stake, he stands to pocket approximately USD210 million (AUD306 million) from the divestment.

The deal highlights the exponential value growth of the IPL, which has transformed from a nascent Twenty20 experiment into one of the world’s most valuable sporting properties in less than two decades.

High-Profile Investor Windfalls

The sale, expected to be formalised by mid-April 2026, will also deliver substantial exits for other institutional and private equity heavyweights:

• RedBird Capital: Led by Gerry Cardinale, the firm is making a nearly 8x return on its 15% stake acquired in 2021. With an initial investment of close to USD50 million (AUD72 million) at a USD210 million (AUD306 million) valuation, RedBird’s gross profit is estimated at USD365 million (AUD532 million).
• Emerging Media Ventures (EMV): Managed by Manoj Badale, EMV famously purchased the franchise for just USD67 million (AUUD97 million) in 2008. Badale currently controls 66% of the team.
• Siguler Guff: The private markets firm is set to more than double its money after investing USD40 million (AUD58 million) for a sub-10% stake in August 2025.

The winning consortium, which also includes Ares Management and Middle West Partners, secured the bid on 20 March 2026. The sale comes despite a challenging 2025 season for the Royals, who finished ninth out of ten teams.

The USD1.6 billion (AUD2.3 billion) price tag underscores that IPL valuations are now driven by long-term media rights projections and global brand equity rather than short-term on-field performance.

The deal has triggered a broader reshuffle in IPL ownership. A rival bidding group, comprising Aditya Birla Group, Bolt Ventures (David Blitzer), and The Times of India Group, subsequently pivoted to purchase Royal Challengers Bengaluru in a separate deal currently awaiting league approval.

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