The consortium led by US-based investor Kal Somani has expressed its disappointment after failing to acquire ownership of Indian Premier League (IPL) franchise Rajasthan Royals.
According to reports in March, the consortium was also looking to acquire a 100 per cent stake in the franchise for USD 1.63 billion (Rs. 16,290 crore). However, the Royals announced on Sunday that they had been acquired by the Mittal Family, in partnership with Adar Poonawalla, for approximately USD 1.65 billion.
The remaining approximately 7 per cent will be held by approved existing investors, including Manoj Badale.
“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,” the Somani-led consortium said in a statement on Tuesday.
“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,” it added.
The consortium called for more transparency and integrity in the acquisition process while maintaining that it respected its outcomes.
“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.”
Rajasthan Royals is the second franchise to be acquired this year after Royal Challengers Bengaluru, which was sold for Rs. 16,660 crore.
The Royals had won the inaugural edition of the IPL in 2008.
Published on May 05, 2026