Kal Somani Consortium Lashes Out Against Opaque Rajasthan Royals Sale

SEDONA, AZ-A US-based consortium led by investor Kal Somani has claimed it was sidelined from the acquisition process of IPL franchise Rajasthan Royals, asserting that it never withdrew its bid.

The statement comes days after steel tycoon Lakshmi N. Mittal and Aditya Mittal, in partnership with Adar Poonawalla, announced a definitive agreement to acquire the franchise from Manoj Badale and his consortium.

In March, the Kal Somani-led consortium had reportedly agreed to acquire a 100 per cent stake in Rajasthan Royals for $1.63 billion, with the deal expected to close after the 2026 IPL season.

The consortium, comprising Kal Somani along with investors Rob Walton, Jordan Walton, and Michael Hamp, issued a joint statement saying, “We are deeply disappointed not to be part of the Rajasthan Royals ownership group, following a long six-month process in which we were the lead bid from start to finish.”

The statement added, “Our consortium worked tirelessly to assemble a distinguished group of investors with ownership experience across the NFL, MLB, EPL, La Liga, and TGL. Included in the group were select global superstars from the top tiers 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 at every stage, competing against some of the most prominent investors across the sports investing landscape.”

Responding to reports that the Somani-led consortium faced funding issues, the group said, “Contrary to stories that have been planted in the press, our group was and has always been fully funded, prepared to close with certainty, and never withdrew our bid. We had executed documentation in place and were told that the franchise’s board meeting on May 2 was held to approve our consortium. In the end, this was never the case. We approached this process with the highest standards of honesty, integrity, professionalism and in good faith, but unfortunately, that wasn’t enough.”

“We do not believe the outcome ultimately reflected a level playing field, and it is difficult to reconcile the strength of our bid and preparedness to close with the final decision. While we respect competitive outcomes, we also believe that processes of this significance should be conducted with transparency, consistency, integrity, and in good faith.”

“While this outcome is both surprising and disappointing, we view this experience as part of a broader journey. We remain proud of the partners with whom we work, the speed at which we are able to execute, and the shared vision that unites us. Our belief in the global growth of sport remains as strong as ever. We look forward to channeling that energy into future opportunities where we can deploy our capital, expertise, and long-term commitment,” the statement concluded.

Under the new ownership structure, the Mittal family will hold approximately 75 per cent of Rajasthan Royals, while Adar Poonawalla will own around 18 per cent. The remaining 7 per cent stake will be held by existing approved investors, including Manoj Badale.

Badale is expected to continue supporting the franchise, providing continuity and experience in cricket operations. (IANS)