The Kal Somani-led consortium, which was previously in advanced talks to acquire the ownership of Rajasthan Royals, has issued a strong statement following the franchise’s eventual takeover by a Lakshmi Mittal-led group.
The consortium, comprising Kal Somani, Rob Walton, Jordan Walton, and Michael Hamp, raised concerns over the lack of transparency and fairness in 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,” the statement read.
The Somani group was reportedly close to sealing the deal at a valuation of $1.63 billion before the agreement fell through, with the Mittal-led consortium, which also includes Adar Poonawalla, eventually securing the franchise for $1.65 (₹15,660 crore). Despite speculation around funding issues, the group firmly denied such 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 added.
The consortium further questioned the fairness of the process, hinting at an uneven playing field.
“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,” they continued.
Despite the setback, the group maintained a forward-looking stance. Also reaffirming their interest in future IPL 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 wish the Rajasthan Royals success going forward and thank all those who were a key part of the journey alongside us,” they concluded.
RR on a roll in IPL 2026
Meanwhile, the Rajasthan Royals are having a great IPL 2026 so far as a team, winning six of their first 10 matches. They currently are at the fourth position at the points table and are a strong contender to qualify for the playoffs.
