In a significant development that could reshape the valuation dynamics of IPL franchises ahead of the 2026 season, NDTV has learnt from its sources that Rajasthan Royals have rejected a $1.7 billion (around 16,000 Cr) bid from the CPCP consortium, according to sources. The decision signals a clear intent from the franchise’s ownership group to push for a higher valuation, even as the broader market for team stakes gathers momentum. The bid for the IPL franchise Rajasthan Royals had come from Columbia Pacific Capital Partners (CPCP), which is an investment banking and private equity firm with operations across the United States and Canada. The consortium, led by founding partners Nisha Sachdeva and Debjeet Gupta, had reportedly committed to executing the full payment within a two-week window. It was an aggressive timeline that underscored financial readiness and intent of the firm.

However, despite the strong financial assurance, the Rajasthan Royals board turned down the offer. Sources indicate that while valuation was a key factor, the decision was also influenced by concerns around executability-an increasingly critical parameter in high-value sports transactions. The board is believed to have assessed not just the headline number, but the overall structure, certainty, and long-term strategic alignment of the proposal.

The rejection is telling. At $1.7 billion, the CPCP offer would already have placed Rajasthan Royals among the more highly valued IPL franchises. By declining it, Rajasthan Royals has reset market expectations. It is clear that the franchise led by Manoj Badale’s Emerging Media Ventures, which holds a 65% stake, along with minority investors such as RedBird Capital is willing to wait for a premium.

Rajasthan Royals’ move is being interpreted as a strategic play to capitalize on a seller’s market.

And the ripple effects are immediate, and perhaps most pronounced in the parallel sale process involving Royal Challengers Bengaluru. The RCB transaction, which is being closely tracked by investors and industry insiders alike, now finds itself operating in a recalibrated valuation environment.

Market estimates suggest that RCB could now command at least a 15% premium over Rajasthan Royals, especially given its stronger brand recall, larger fan base, and commercial appeal. NDTV had earlier reported that a consortium led by Dr Ranjan Pai of Manipal Hospitals, along with US private equity giant KKR and Singapore’s Temasek, is currently in pole position to acquire a stake in RCB.

IPL franchises are no longer just cricket teams, they are global sports properties and IPL itself is the world’s second-most valuable sports league on a per-match basis, with diversified revenue streams and expansion potential across formats, geographies, and digital platforms. Investors, in turn, are being evaluated not just on financial muscle but on their ability to unlock and sustain that growth.

As things stand, Rajasthan Royals remain firmly in control of the narrative. By rejecting a substantial bid, they have not only raised their own valuation floor but also influenced the trajectory of parallel deals-most notably that of RCB.

In effect, one decision has shifted the entire playing field.