$1.6 Billion Proposed Sale of Rajasthan Royals Franchise on a Sticky Wicket as Former Owner Raj Kundra Urges BCCI to NOT Approve the Transaction

Raj Kundra, businessman and former owner of the Rajasthan Royals IPL team has claimed that the franchise cannot change hands till his 11.7% stake is cleared out. The $1.6 billion proposed sale of Rajasthan Royals may be under a sticky wicket just a day after a US-based investor consortium picked up the IPL team. Raj Kundra has now written to the Board of Control for Cricket in India (BCCI), urging them to disapprove the transaction, given the ongoing legal proceedings over his alleged shareholding in Rajasthan Royals.

Citing a pending dispute connected to his 11.7% in the franchise, Raj Kundra has claimed that the ownership structure stays under a legal challenge, and hence any shift of control should not be given clearance at this stage.

The $1.63 billion deal that the consortium paid translates to nearly Rs.15,280 crore, becoming one of the biggest transactions in IPL so far. The consortium is led by US-based investor Kal Somani and is said to include global investors, including Walmart, the retail giant.

The proposed structure expects to transition full ownership from Manoj Badale-led Emerging Media to the new investors after the upcoming IPL season, 2026. As indicated by the sources, though the deal is accepted in principle, it is yet to receive a final go-ahead from BCCI.

As per the sources, Raj Kundra's company, Kuki Investments Ltd has submitted a detailed representation with a stay application to the BCCI, highlighting alleged irregularities in the transaction. Before taking a final call, the cricket board is now learn to examine the submitted documents and legal claims. The businessman has also relied on a recent order of the Bombay High Court that allowed him to go ahead with a challenge against the anti-suit injunction issued by the UK court related to his stake in Rajasthan Royals. The court's order clears the way for Raj Kundra to contest restrictions imposed on his holding in the IPL team, fueling his arguments that the ownership dispute continues to be active and unresolved.

In November 2025, Raj Kundra approached the National Company Law Tribunal (NCLIT), accusing former partners and stakeholders of coercion, concealment of documents and financial irregularities. The petition filed through Kuki Investments, a Bahama-based entity, Kundra claimed that he held 11.7% stake in EM Sporting Holdings Ltd, the Mauritius-based holding company of the IPL franchise, through 456,500 shares gained in 2009. Kundra stated that in 2015, he was pressured to relinquish his stake following the scrutiny connected to the Lodha Committee proceedings. The petition claimed that there was no valid share transfer agreement or board approval for the transaction.

A purported share transfer document dated August 18, 2015, has been described by Raj Kundra as unknown and unenforceable. He stated that he was compelled in 2019 to sign a settlement agreement in return for a payment of more than USD 13 million. Kundra claimed that the amount was neither fully paid nor honoured on time. The petition also features whistleblower disclosures from 2023, claiming they indicate related-party transactions, diversion of finance, and undisclosed loans connected to key individuals linked with the franchise's management.

Raj Kundra has alleged that his name was removed from the shareholder records in filings and he has sought multiple reliefs from the tribunal, including setting aside the alleged 2015 share transfer, nullifying the 2019 settlement agreement, restoring his 11.70% stage, and an investigation into the governance and financial practices of the holding personalities of Rajasthan Royals.