Summary of this article
Somani-led group says it led RR bid for months but lost out at the end
Consortium denies withdrawal, claims it was fully funded and treated unfairly
Mittal family, with Adar Poonawalla, secured Rajasthan Royals in USD 1.65B deal
The Kal Somani-led investment consortium has claimed it was sidelined during the final stages of the Rajasthan Royals ownership acquisition process, despite being in a leading position through much of the bidding timeline.
The group has alleged irregularities and questioned the fairness of the final decision that saw the franchise move in a different direction.
Reports on March 24 indicated that Somani, alongside Rob Walton of the Walmart family and the Hamp family, had emerged as frontrunners to acquire the inaugural IPL champions in a deal valued at around USD 1.63 billion (approximately ₹15,000 crore).
The consortium was widely viewed as a strong contender in what was described as one of the most high-profile franchise sales in IPL history, closely tied to the broader RR sale to Mittal group developments that followed in the market.
However, on May 3, the landscape shifted significantly when it was confirmed that the Mittal family, led by Lakshmi N. Mittal and Aditya Mitta, had entered into a definitive agreement to acquire Rajasthan Royals for approximately USD 1.65 billion (around ₹15,660 crore), in partnership with Serum Institute of India CEO Adar Poonawalla.
The transaction effectively ended the bidding contest, with earlier reports suggesting that the Somani-led group had withdrawn, claims the consortium now strongly disputes.
Official Statement From Kal Somani, Rob Jordan Walton, And Michael Hamp
"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.
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.
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.
This season in IPL 2026, Rajasthan Royals have put together a strong campaign so far, sitting fourth on the points table with 12 points from 10 matches. They’ve managed six wins, keeping themselves firmly in the playoff race as the league heads into its crucial final phase.
