Can Raj Kundra Block RR’s $1.63 Billion Sale? Former Co-Owner Writes to BCCI

It has hardly been 48 hours since the record-breaking Rajasthan Royals sale to the Kal Somani and Walmart-led consortium for $1.63 billion was announced, and the deal is already under threat. Raj Kundra, a former co-owner of the franchise, has reportedly written to the Board of Control for Cricket in India (BCCI) to halt the sale, asserting that he has not been paid for his exit despite once owning an 11% stake in the franchise.

NDTV Profit, citing sources, reported that Kundra is “asserting a financial interest through Kuki Investments, a Bahamas-based entity he claims to own.”

What is Raj Kundra Claiming?

Kundra’s central argument hinges on what he calls “phantom equity”—a residual financial stake he contends he never fully relinquished. This comes despite being mandated to exit IPL-related ownership following the 2015 Lodha Committee reforms that swept through Indian cricket’s governance structure.

Kundra’s intervention raises pointed questions about the integrity of the franchise’s cap table and whether a clean title transfer to any incoming buyer is possible while his claims remain unresolved.

What does the BCCI have to do with the Kundra and RR feud?

The BCCI and the Competition Commission of India (CCI) are the authorities required to ratify the deal reached between the two parties and put a seal on the title transfer. As the major decision-makers, they must ensure a clean title and cap table before allowing Manoj Badale’s Emerging Media to divest its stakes in the franchise.

Reports suggest that Kundra’s move may ultimately serve as leverage to push all parties toward an out-of-court settlement rather than a prolonged regulatory standoff.

Below is the timeline of how Kundra and his wife, Bollywood actress Shilpa Shetty, became entangled in a decade-long legal battle with the Rajasthan Royals.

Timeline: Kundra & Shilpa Shetty’s Association with Rajasthan Royals