Foul play in RR sale? Kal Somani-led group say they were pushed out of deal

The Kal Somani-led consortium claimed that they were pushed out of a deal to secure a majority stake in Rajasthan Royals. It was reported on March 24 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 (approx. Rs 15,000 crore).

However, on May 3, it was confirmed that the Mittal family, headed by Lakshmi N. Mittal and Aditya Mittal, had entered into a definitive agreement to acquire the franchise in a deal worth approximately USD 1.65 billion (around Rs 15,660 crore). There were also reports suggesting that the Somani-led consortium had pulled out of the race for the franchise.

Now, they're claiming that they had been wronged during the process.

"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."

"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," read the statement.

SOMANI-LED GROUP SQUASHES RUMOURS ON RR BID

The group also said that the reports floating around in the media at the moment, they were fully funded and ready to close the deal and never withdrew their bid.

They also alleged that it wasn't a level playing field in the end and said such a process needed to be conducted with transparency, consistency, integrity and good faith.

"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. While we respect competitive outcomes, we also believe that processes of this significance should be conducted with transparency, consistency, integrity and in good faith," said the group.

The consortium said that they view the outcome as a learning curve and wished RR all success moving forward.

"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 channelling that energy into future opportunities where we can deploy our capital, expertise, and long-term commitment."

"We wish the Rajasthan Royals success going forward and thank all those who were a key part of the journey alongside of us," said the group," said the group.

The acquisition by the Mittal group has been carried out in partnership with Serum Institute of India CEO Adar Poonawalla, with the consortium purchasing the franchise from Manoj Badale and other investors. The valuation includes the Royals’ global portfolio, covering the IPL team as well as Paarl Royals in South Africa and Barbados Royals in the Caribbean.

Once the deal is completed—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 stay with existing shareholders, including Badale.

IPL 2026 | IPL Schedule | IPL Points Table | IPL Player Stats | Purple Cap | Orange Cap | IPL Videos | Cricket News | Live Score