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The consortium led by US-based entrepreneur Kal Somani has raised concerns over the sale of the Rajasthan Royals franchise, stating that the final outcome did not "reflect a level-playing field" despite its bid leading through multiple stages of the process.
In a statement issued on Tuesday, the Somani-led group expressed disappointment after the franchise was ultimately sold to a consortium headed by Indian-origin businessman Lakshmi Narayan Mittal, along with Adar Poonawalla, for US$1.65 billion (approximately INR 15,660 crore). The winning bid narrowly surpassed the Somani consortium's reported offer of $1.635 billion. According to ESPNcricinfo, the group, which includes prominent global sports investors with stakes across major leagues such as the NFL, MLB, EPL and La Liga, said it had remained the frontrunner throughout the six-month bidding process. "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," the consortium said. "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," it 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." The Somani-led group also rejected reports suggesting it had withdrawn from the bidding process or lacked financial backing. "Throughout the process, we were the strongest group at every stage, competing against some of the most prominent investors across the sports investing landscape," the statement 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 Saturday 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," it added. While acknowledging the competitive nature of such high-profile transactions, the consortium stressed the importance of transparency and consistency in the process. The final decision on the sale was taken by the Royals board over the weekend of May 2-3. Somani, who has been part of the franchise's board since 2021, is understood to have recused himself from discussions due to his involvement as a bidder. The reasons behind the board's decision to favour the Mittal-led consortium remain unclear. The new ownership structure, subject to regulatory approvals, including from the BCCI, is expected to be formalised in the third quarter of 2026. The reconstituted board will include Lakshmi Mittal, Aditya Mittal, Vanisha Mittal-Bhatia, Adar Poonawalla and existing principal owner Manoj Badale, who is set to retain a minority stake. (ANI)
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