Rajasthan Royals Gets $1.3 Billion Offer in Test of IPL Power

The owner of the Rajasthan Royals has invited four groups to proceed to the next round of bidding for the Indian Premier League cricket team, including a consortium led by Times Internet Chairman Satyan Gajwani and another backed by US-based entrepreneur Kal Somani.

A preliminary offer of $1.3 billion has come from the consortium led by Somani, who is already an investor in the team, according to people familiar with the matter. The proposal is contingent on the future performance of IPL media rights, the people added, asking not to be identified because the information is private.

The sale ...