Two days after the announcement that Mittal family in a partnership with Adar Poonawalla is set to acquire Rajasthan Royals, Kal Somani- led consortium has expressed deep disappointment while raising concerns about “transparency” in the bidding process. 

About two months ago, a consortium led by Kal Somani along with marquee global investors Rob Walton of the Walmart family and Sheila Ford Hamp were said to have emerged as the highest bidders for Rajasthan Royals. However on Sunday it was announced that the Lakshmi N Mittal Family in partnership with Poonawalla will acquire controlling stake with existing “approved” investors including Manoj Badale will own balance 7 per cent stake.  

“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,” a joint statement issued by Kal Somani, Rob and Jordan Walton, and Michael Hamp released on Tuesday. 

“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,” it added. 

The statement said that the group of Investors had been “fully funded”, and were prepared to close the transaction and did not withdraw the 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,” the statement noted. 

“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,”

Stating that the consortium views “this experience as part of a broader journey, it added that the investors have a strong belief in the global growth of sport.

“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,” the statement added.

Published on May 5, 2026