The $1.65 billion sale of Rajasthan Royals has ignited controversy, with the Kal Somani Group’s consortium accusing the franchise of sidelining their superior bid despite full readiness to close. Emerging from the US, the group categorically rejected claims of withdrawing their $1.63 billion offer, which had positioned them as frontrunners for months.
Flashback to March: Kal Somani, alongside NFL and MLB luminaries Rob and Jordan Walton plus Michael Hamp, forged a powerhouse team with ownership pedigree across EPL, La Liga, and TGL. Their vision? Propel IPL’s Rajasthan Royals to global heights post-2026.
Enter the plot twist. Sunday’s announcement revealed a binding pact between the Mittal family (securing 75% stake), Adar Poonawalla (18%), and Manoj Badale’s group (7%). Reports had fingered funding shortfalls for torpedoing Kal Somani’s deal—but they beg to differ.
In a scathing joint statement, the investors declared, ‘Contrary to press narratives, we maintained complete funding and never pulled our bid. Documentation was finalized; we were primed for Saturday’s board nod that evaporated.’
They highlighted their edge: leading every stage against elite competitors, driven by passion to internationalize the IPL. ‘Our consortium assembled global sports superstars, yet the process lacked the transparency and equity we deserved,’ the statement read.
Expressing frustration without bitterness, they honored rivals while critiquing the opaque finale. ‘This surprising result stings, but our conviction in sports’ worldwide ascent endures. We’re geared for new opportunities to deploy our capital and expertise.’
As RR transitions under Mittal-Poonawalla stewardship, this bidder’s revolt underscores tensions in IPL’s mega-deals, prompting scrutiny of franchise sales amid the league’s booming valuations.
