Rajasthan Royals $1.65B Deal Controversy: Kal Somani Group Alleges Unfair Treatment
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A Billion-Dollar Deal Turns Sour
The landscape of the Indian Premier League (IPL) has long been defined by massive investments and global interest, but the recent $1.65 billion sale of the Rajasthan Royals has taken an unexpected and contentious turn. While the cricket world was buzzing with the news that a consortium led by steel magnate Lakshmi Niwas Mittal and Aditya Mittal of ArcelorMittal—alongside Serum Institute CEO Adar Poonawalla—had secured the franchise, a different narrative is now emerging from the shadows.
The American-based consortium led by tech-entrepreneur Kal Somani, which includes heavyweights like Rob Walton of the Walmart family and Michael Hamp of the Ford Hamp family, has officially broken its silence. In a joint statement, the group has vehemently denied reports that they withdrew from the process due to a lack of funds, accusing the process of being far from a level playing field.
The Financial Breakdown
Under the finalized agreement, the Mittal family is reported to hold a commanding 65% stake in the Rajasthan Royals. Adar Poonawalla holds an 18% share, while the current owner, Manoj Badale, continues to be involved with a 7% stake alongside other investors. This massive deal, which encompasses the Royals’ global T20 franchise interests, is expected to reach completion in the third quarter of 2026, pending the necessary regulatory ratifications from the Competition Commission of India and the BCCI.
The Somani Consortium’s Side of the Story
Back in March 2026, it was widely believed that the Somani-led group was the frontrunner to acquire the franchise. Their bid, reportedly worth $1.635 billion, was positioned as a serious, professional endeavor backed by individuals with extensive experience in the NFL, MLB, EPL, and La Liga. However, when the deal ultimately went to the Mittal consortium, rumors circulated that the Somani group had failed to raise the necessary capital on time.
In their statement, obtained by RevSportz, the consortium addressed these rumors directly: “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.”
Demanding Transparency and Integrity
The consortium’s statement highlights a deep sense of frustration regarding how the final stages of the bidding were handled. The group noted that they had executed documentation in place and were under the impression that a board meeting held on a Saturday was specifically intended to approve their takeover. The eventual pivot away from their bid has left them questioning the integrity of the process.
“We do not believe the outcome ultimately reflected a level playing field,” the statement continued. “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.”
Looking Ahead
Despite the disappointment, the Somani group emphasized that they remain committed to the global growth of sports. While they have wished the Rajasthan Royals success in their future endeavors, their public airing of grievances serves as a stark reminder of the complexities involved in billion-dollar sports acquisitions. As the dust settles on this $1.65 billion deal, the focus will now shift to how the new ownership structure impacts the Rajasthan Royals’ performance on the field and their brand’s footprint in the international cricketing landscape.
For now, all eyes remain on the regulatory bodies as they review the monumental transaction. Whether this dispute leads to further legal inquiries or simply remains a cautionary tale of boardroom politics, one thing is certain: the business of the IPL has never been more intense or more scrutinized.
