The Kal Somani-led consortium claimed they were forced out of the deal to secure a majority stake in Rajasthan Royals. On March 24, it was announced that Somani, along with Rob Walton of the Walmart family and the Hamp family (owners of the NFL’s Detroit Lions) acquired the inaugural IPL champions in a deal worth $1.63 billion (Rs 15,000 crore approx).
However, on May 3, it was confirmed that the Mittal family, led by Lakshmi N. Mittal and Aditya Mittal, had entered into a definitive agreement to acquire the franchise at a value of approximately $1.65 billion (around Rs 15,660 crore). There were also reports suggesting that the Somani-led consortium had pulled out of the franchise race.
Now they claim they were wronged during the process.
“We are deeply disappointed not to be part of the Rajasthan Royals ownership group after a long six-month process in which we were the lead bidder from start to finish.”
“Our consortium worked tirelessly to assemble a significant group of investors with ownership experience across the NFL, MLB, EPL, La Liga and TGL. The group included select global superstars from the highest levels of professional sports. We were all motivated by the opportunity to help take the IPL to new international heights. Throughout the process, we were the strongest group of competing investors in every phase of the sport,” the statement said.
SOMANI-LED GROUP CREATES RUMORS ABOUT RR OFFER
The group also said that reports appearing in the media at the moment were fully funded and ready to close the deal and never withdrew their offer.
They also argued that it was ultimately not a level playing field and said that such a process must be conducted transparently, consistently, with integrity and in good faith.
“Contrary to reports in the press, our group was and always was fully funded, ready to close with confidence and never withdrew our offer. We had the documentation ready and were told that there was a franchise board meeting on Saturday to approve our consortium. In the end, that never happened. We approached this process with the utmost professionalism, good faith and honesty.”
“We do not believe the outcome ultimately reflected a level playing field and it is difficult to reconcile the strength of our bid and readiness to close with the final decision. While we respect competitive outcomes, we also believe processes of this importance should be conducted transparently, consistently, with integrity and in good faith,” the group said.
The consortium said it sees the result as a learning curve and wishes RR well going forward.
“While this result is both surprising and disappointing, we see this experience as part of a broader journey. We remain proud of the partners we work with, the speed with which we are able to work, and the shared vision that unites us.”
“Our belief in the global growth of the sport remains as strong as ever. We look forward to channeling this energy into future opportunities where we can leverage our capital, expertise and long-term commitment.”
“We wish Rajasthan Royals success for the future and thank everyone who has been a key part of the journey by our side,” the group said.
The acquisition by the Mittal group was done in partnership with Serum Institute of India CEO Adar Poonawalla, with the consortium buying the franchise from Manoj Badal and other investors. The award includes the global Royals portfolio, which includes the IPL team as well as Paarl Royals in South Africa and Barbados Royals in the Caribbean.
Upon completion of the transaction – expected in the third quarter of 2026 – the Mittal family will hold a 75% stake, while Poonawalla will own around 18%. The remaining 7% will remain with existing shareholders, including Badala.
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Published on:
May 5, 2026 12:16 PM IST
