Kal Somani consortium denies withdrawal, claims sidelining in Rajasthan Royals sale to Mittals
Synopsis
The Somani consortium's pushback exposes cracks in the Rajasthan Royals sale process. After six months as the lead bidder with a record USD 1.63 billion offer, they claim they were sidelined without explanation — a rare public challenge to an IPL franchise transfer that raises questions about deal transparency and competitive fairness in high-stakes sports acquisitions.
Key Takeaways
Kal Somani consortium issued a joint statement denying withdrawal from the Rajasthan Royals acquisition race.
The group claimed they were the lead bid throughout a six-month process and remain fully funded.
In March , the consortium had agreed to acquire 100 per cent of Rajasthan Royals for USD 1.63 billion .
Mittal , Aditya Mittal , and Adar Poonawalla announced the definitive acquisition agreement on Sunday .
The consortium questioned the fairness and transparency of the bidding process, citing lack of clarity on the final decision.
Days after Lakshmi N. Mittal and Aditya Mittal announced their acquisition of the Rajasthan Royals IPL franchise in partnership with Adar Poonawalla, the US-based Kal Somani consortium on Tuesday issued a joint statement asserting they were excluded from the bidding process despite being the lead contender and categorically denying reports of a funding shortfall that forced their withdrawal.
The consortium's version
The four-member group — Kal Somani, Rob Walton, Jordan Walton, and Michael Hamp — stated in their joint statement: "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 emphasised that they had assembled investors with ownership stakes across the NFL, MLB, EPL, La Liga, and TGL, and included "select global superstars from the top tiers of professional sports."
Addressing funding allegations
Reacting to press reports suggesting the consortium faced liquidity constraints and withdrew their bid, the group stated: "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." They claimed to have executed all necessary documentation and were informed that Saturday's franchise board meeting was convened to approve their consortium, only to discover this was not the case.
Background: the March agreement
In March, the Somani-led consortium had reportedly agreed to acquire a 100 per cent stake in Rajasthan Royals for a record USD 1.63 billion, with the deal expected to close after the 2026 IPL season. The announcement of the Mittal-Poonawalla acquisition came as a surprise to the consortium, which had been positioned as the frontrunner throughout the process.
The new ownership structure
Under the definitive agreement reached with outgoing owner Manoj Badale, the Mittal family will hold approximately 75 per cent of the franchise, Adar Poonawalla approximately 18 per cent, and approved existing investors including Badale will retain approximately 7 per cent. Badale will continue in an advisory capacity, bridging past and present ownership while contributing his cricket expertise.
Consortium's closing remarks
The statement concluded: "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." The group indicated they remain committed to sports investment opportunities globally, signalling potential future bids in other franchises or leagues.
Point of View
Coupled with allegations of an opaque process, challenges the narrative that their deal collapsed. If accurate, it raises uncomfortable questions about how franchise sales are adjudicated when billionaire consortiums clash. The BCCI and franchise boards operate with minimal public accountability, and this episode underscores that gap.
NationPress
12 Aug 2026
Frequently Asked Questions
What did the Kal Somani consortium claim about their Rajasthan Royals bid?
The consortium claimed they were the lead bidder throughout a six-month process, remained fully funded, executed all necessary documentation, and never withdrew their bid. They alleged they were told the franchise board meeting on Saturday was to approve their acquisition, but this did not occur.
How much was the Somani consortium's offer for Rajasthan Royals?
In March, the Somani-led consortium agreed to acquire 100 per cent of Rajasthan Royals for a record USD 1.63 billion, with the deal expected to close after the 2026 IPL season.
Who now owns Rajasthan Royals following the Mittal-Poonawalla acquisition?
The Mittal family holds approximately 75 per cent, Adar Poonawalla holds approximately 18 per cent, and approved existing investors including Manoj Badale retain approximately 7 per cent. Badale continues in an advisory role.
What are the consortium's concerns about the bidding process?
The consortium stated they do not believe the outcome reflected a level playing field and questioned why their strongest bid and preparedness to close did not prevail. They called for greater transparency, consistency, and integrity in future franchise sale processes.
