Rajasthan Royals takeover sparks row as Somani Consortium says it “never withdrew bid”

In a record-breaking sale that turned into a stunner, a new controversy has erupted around the Rajasthan Royals (RR) ownership deal, with the Kal Somani-led consortium now claiming they were sidelined from the process despite insisting they never withdrew their bid and were “fully funded” throughout.

Just days after the Mittal family, along with Adar Poonawalla, announced the acquisition of IPL franchise Rajasthan Royals, the US-based Kal Somani consortium has contested their exclusion from the deal, saying they remained active contenders from start to finish of the process.

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In March, reports had suggested that the Somani-led group had agreed to acquire a 100 per cent stake in Rajasthan Royals for a record USD 1.63 billion, with the transaction expected to close after the 2026 IPL season.

However, on Sunday, 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.

Also Read: IPL Shocker: Mittal family, Adar Poonawalla acquire Rajasthan Royals in $1.65B deal

Following this, the four-member Somani consortium – Kal Somani, Rob Walton, Jordan Walton, and Michael Hamp – issued a detailed joint statement expressing disappointment at being left out of the final ownership structure.

They 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.”

The consortium highlighted their global sports investment background and claimed strong positioning throughout the bidding process.

“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.”

Also Read: Who is Kal Somani? The man behind Rajasthan Royals’ $1.63 billion takeover

Reacting to reports that suggested financial constraints or a withdrawal from their side, the consortium strongly rejected those claims.

“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.”

They further questioned the transparency of the 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. While we respect competitive outcomes, we also believe that processes of this significance should be conducted with transparency, consistency, integrity, and in good faith.”

Despite the setback, the group said they remain committed to future sports investment opportunities:

“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.”

Meanwhile, under the newly announced ownership structure, the Mittal family will hold approximately 75 per cent stake in Rajasthan Royals, Adar Poonawalla will own around 18 per cent, and the remaining 7 per cent will stay with approved existing investors, including Manoj Badale.

Badale is expected to continue playing a key supporting role, helping bridge the franchise’s legacy with its new ownership era.