Exclusive: Rajasthan Royals draw interest in early ownership talks
A deep-pocketed gaming giant seeks a minority stake while a diversified conglomerate eyes majority or full ownership
Krafton India is in early discussions to acquire a minority stake in the Indian Premier League (IPL) franchise Rajasthan Royals, according to four people familiar with the matter, while the Adani Group has been approached about a majority stake or potentially buying the franchise outright. If Krafton proceeds, it would be the first time a gaming company takes equity in an IPL franchise.
A gaming publisher has never taken equity in a traditional sports franchise before. Krafton would be the first to test that frontier.
The South Korean game developer and publisher behind Battlegrounds Mobile India (BGMI) is negotiating a secondary purchase from an investor in the Manoj Badale-led consortium. Valuation work has begun, though the shape of the transaction remains fluid.
A Krafton India spokesperson said reports linking the company to IPL investments were “completely and utterly speculative,” adding that while Krafton evaluates multiple partnerships, “it is extremely premature to link them to any specific outcomes.” The four people cited earlier said the discussions are active but early. Rajasthan Royals (RR) did not respond to requests for comment.
Separately, the Adani approach sits at a similar, yet distinct, stage. Two people familiar with the matter said it is unclear who initiated contact, and the Royals have not indicated whether they intend to explore a sale. An Adani Group spokesperson did not respond to requests for comment.
These parallel conversations land at a moment of significant transition for the franchise. Rajasthan Royals have lost their CEO, head coach, and captain within months, while one long-standing investor has been seeking an exit. The team operates through a fund-like structure, with a general partner (GP) managing several limited partners (LPs), which adds complexity to any transaction. People familiar with the matter said the franchise would lean toward a strategic minority investor such as Krafton rather than a change of control.
