Rajasthan Royals: Highs, lows and a turbulent legacy - a timeline

On Tuesday, a US-based consortium led by Kal Somani acquired 100 percent ownership of the Rajasthan Royals for $1.63 billion. The consortium includes Rob Walton of the Walmart family and the Hamp family, which owns the Ford Motor Company.

The new ownership will come into effect after the 2026 season of the Indian Premier League (IPL).Here's a timeline of the Rajasthan Royals

2008: The beginning

Rajasthan Royals were acquired for $67 million by Emerging Media, making them the cheapest team in the inaugural Indian Premier League season. The franchise was led by Manoj Badale, with investors including Lachlan Murdoch, Aditya S Chellaram and Suresh Chellaram. The Shane Warne-led team ended up winning the inaugural IPL trophy.

2009: Celebrity entry

Actor Shilpa Shetty and her husband Raj Kundra reportedly bought an 11.7 percent stake for $15.4 million, bringing glamour and visibility to the franchise.

2010: Ownership controversy erupts

Rajasthan Royals challenged the Board of Control for Cricket in India in the Bombay High Court after their contract was terminated. The BCCI alleged unauthorised changes in shareholding without approval.Questions were raised over links between stakeholders and Lalit Modi.

Authorities also flagged alleged violations including money laundering, foreign exchange breaches and unauthorised share sales. The Enforcement Directorate issued notices under foreign exchange laws, while then BCCI president Shashank Manohar questioned the original bid process and payments made for stakes.

2013: Spot-fixing scandal

The 2013 IPL spot-fixing case hit the franchise hard. Players S Sreesanth, Ajit Chandila and Ankeet Chavan were arrested by Delhi Police.

Bookmakers were also detained, including a former Royals player. Raj Kundra’s name also surfaced in the wider betting controversy.

2015: Suspension and fallout

Rajasthan Royals were found guilty in an illegal betting and match-fixing probe and were handed a two-year suspension. The Supreme Court suspended Raj Kundra for betting-related offences. Ownership changes followed, with Suresh Chellaram transferring his stake to a company owned by his daughter.

2017: Return with limitations

Rajasthan Royals were reinstated into the IPL. However, the franchise expressed dissatisfaction with player retention rules, which limited their ability to rebuild the core of their previous squad.

2020: Internal tensions and relocation talk

The franchise explored an internal share transfer worth $26 million. A dispute between Rajasthan Royals and the Rajasthan Cricket Association led to speculation about shifting the team’s base, even prompting a PIL in the Jaipur High Court.

2021: Investment and valuation surge

Emerging Media increased its stake, while RedBird Capital Partners acquired a minority share. The deal boosted valuation but also raised questions around ownership structure and transparency.

2025: Fresh controversies resurface

Tensions between the franchise and state cricket authorities intensified. Allegations surfaced around match integrity after a close defeat. Manoj Badale and Emerging Media Ventures initiated legal proceedings against Raj Kundra in a London court over an alleged breach of a confidential settlement. Kundra, in response, hinted at releasing documents alleging financial irregularities and offshore transactions.