File photo of IPL franchise Rajasthan Royals. The Kal Somani-led consortium expressed “disappointment” that their bid to acquire Rajasthan Royals and its sister teams – Barbados Royals and Paarl Royals – did not materialise. On Sunday, steel magnate Lakshmi N Mittal, Aditya Mittal and Adar Poonawalla were announced as the new lead investors and ownership group for the $1.65 billion IPL franchise. The deal, which is subject to regulatory review, is expected to close in Q3 2026.After the latest deal, the Mittal Family will hold nearly 75 percent stake, Poonawalla will own 18 percent, while the remaining 7 percent will remain with the existing group of investors, including Manoj Badala.A consortium led by Arizona tech entrepreneur Kal Somani, also consisting of the owners of two NFL franchises — Rob Walton (Denver Broncos) and Michael Hamp, son of Detroit Lions owner Sheila Ford Hamp — were lead investors in March.Now, the Somany-led consortium said in a statement that it was “disappointed” by the process.Here is the full official statement from Kal Somani, Rob and Jordan Walton and Michael Hamp:“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 has worked tirelessly to assemble a significant group of investors with ownership experience across the NFL, MLB, EPL, La Liga and TGL. Selected world superstars from the highest levels of professional sports were included in the group. We were all motivated by the opportunity to help take the IPL to new international heights.Throughout the process, we were the strongest group at every stage, competing with some of the most prominent investors in sports investment.Contrary to the stories that have been planted in the press, our group was and always has been fully funded, ready to close with confidence and has never withdrawn our offer. We had the paperwork ready and were told that there was a franchise board meeting on Saturday to approve our consortium. In the end, it never was. We approached this process with the highest standards of honesty, integrity, professionalism and good faith, but unfortunately that was not enough.We do not believe the outcome ultimately reflects a level playing field and it is difficult to reconcile the strength of our offer and readiness to close with the final decision. While we respect competitive outcomes, we also believe that processes of this importance should be conducted transparently, consistently, fairly and in good faith.While this result is both surprising and disappointing, we see this experience as part of a larger journey. We remain proud of the partners we work with, the speed with which we are able to implement, 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 every success for the future and thank everyone who has been a key part of our journey.”
