Former chairman and commissioner of the Indian Premier League (IPL), Lalit Modi, took a swipe at Lucknow Super Giants (LSG) owner Sanjiv Goenka for ignoring his role in the growth of the league. Recently, two IPL franchises, Rajasthan Royals and Royal Challengers Bengaluru, were sold for $1.63 billion and $1.78 billion, respectively, ahead of the 2026 season.

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Following the acquisitions of the two franchises, which have been part of the IPL since its inaugural season in 2008, Sanjiv Goenka took to his X handle (formerly Twitter) and highlighted the surge in valuation and credited the former BCCI secretary Jay Shah for the league’s structural and commercial growth.

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The two IPL franchises, Rajasthan Royals and Royal Challengers Bengaluru, were officially sold on the same day, March 24, in blockbuster deals that underlined the league’s soaring global valuation. The RR and RCB were both acquired for over INR 15,000 crore by a US Entrepreneur Kal Somani-led consortium and an Aditya Birla Group-led consortium, respectively.

For the first time in the history of the Indian Premier League, two franchises changed hands on the same day in billion-dollar deals, highlighting the league’s unprecedented financial growth and global appeal.

‘This Guy Really Has A Memory Loss’

Sanjiv Goenka’s post triggered an angry reaction from the former IPL chairman Lalit Modi, who launched a scathing attack on the Lucknow Super Giants (LSG) owner for overlooking his role in the league’s creation.

Quote-retweeting Goenka’s post, Lalit hit back with a sharp criticism, stating that the LSG owner had ‘zero knowledge’ about the league’s beginnings and was ignoring its true architect. He lauded Geonka’s brother, Harsh, calling him a ‘true cricket fan’ and suggesting he would have been a more suitable franchise owner.

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Lalit Modi has often been credited for being the founding force of the Indian Premier League, which was officially launched in 2007 before the inaugural season kicked off in 2008. Modi served as the chairperson of the IPL from 2005 to 2010 before the BCCI removed him from his position amid allegations of misconduct and financial irregularities.

How RCB and RR’s Valuation Increased?

The Royal Challengers Bengaluru and Rajasthan Royals witnessed exponential growth in their valuations, mainly driven by lucrative media rights deals and growing global interest. The RCB was first purchased by Vijay Mallya’s United Spirits for $111. 6 million in 2008, while the Rajasthan Royals were acquired by Emerging Media for $67 million in the same year.

Fast forward to 2026. The valuation of both franchises has skyrocketed, crossing the $1.6 billion mark. The valuation surge of the franchises was fuelled by the IPL’s media rights, which were sold for a whopping INR 48,390 crore, and annual INR 500 crore from central sponsorship and title rights deal.

The RCB’s valuation was bolstered by their maiden IPL triumph last year and the second WPL title this year, which witnessed an increase in their brand value to $269 million. Additionally, the Virat Kohli effect played a role in played a role in enhancing RCB’s brand visibility and marketability worldwide. It was reported that Kohli’s popularity is estimated to add up to $300 million to the franchise’s overall valuation.

The RR, on the other hand, have their investments in the overseas T20 leagues, including teams in the Caribbean Premier League (CPL) and SA20, which have further strengthened their global presence. The global multi-deal package explains why the Rajasthan Royals almost matched the valuation of the Royal Challengers Bengaluru.

Rajasthan Royals and Royal Challengers Bengaluru will head into the IPL 2026 as two of the most valuable and commercially powerful franchises in the league.