Kal Somani-Led Group Cries Foul Over Rajasthan Royals Sale, Says They Were 'Forced Out'

Rajasthan Royals Cricket team [Source: AFP]

A fierce corporate tug-of-war over the ownership of the Rajasthan Royals, has spilled into public view. 

A wealthy consortium led by entrepreneur Kal Somani says it was unfairly sidelined, after a process it led for six months. Ultimately, Rajasthan Royals chose a rival group fronted by the steel magnate Lakshmi N. Mittal.

The Somani team has now broken its silence, issuing a lengthy statement on the foul play that have pushed them out of the lumpsum deal made by Mittals.

The Kal Somani-Mittal Fiasco Ahead of Mega RR Deal

On March 24, it was reported that the Somani-led group had struck a deal to buy a majority stake in the Rajasthan Royals for $1.63 billion (approximately Rs 15,000 crore).

The buyers included some of the biggest names in global business and sports. Rob Walton from the Walmart family and the Hamp family, owners of the NFL’s Detroit Lions. At that point, it looked like the consortium was set to take over RR.

However, everything changed on May 3. It was officially confirmed that a different group, headed by Lakshmi N. Mittal and his son Aditya Mittal, had signed a definitive agreement to acquire the franchise. Their bid was valued at around $1.65 billion (about Rs 15,660 crore).

Soon after, some media outlets reported that the Somani consortium had pulled out of the race. Those reports, the consortium now insists, were completely false.

The Somani Consortium Speaks On Being 'Forced Out'

In a recent development, the Kal Somani-led group released a statement pushing back forcefully against the narrative that they walked away. 

They made it clear they feel they were wronged and that the final decision did not reflect a fair contest.

“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.”

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The group then detailed the strength of the team they had assembled since they had brought together people with deep roots in elite sport to acquire the deal amid IPL 2026.

“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.”

Somani Group Denies the Rumours of Withdrawal

One of the central claims in the consortium’s statement is a flat denial of any suggestion that their bid was incomplete or that they had backed out. Somanis asserted that they were ready to sign on the dotted line the entire time.

“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,” the statement read.

The group went a step further and openly questioned the fairness of the final stage. While they did not go into specifics, their words pointed toward 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,” added the statement.

Somani's Message For Rajasthan Royals

Even in their disappointment, the Somani consortium tried to strike a forward-looking note. They hinted at future ambitions in global sports after brushing past the Rajasthan Royals' misfortune.

“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.”

What the Mittal-Led RR Deal Looks Like?

While the Somani consortium aired its grievances, the actual transaction with the Mittal family moved ahead. 

The acquisition is being carried out in partnership with Adar Poonawalla, the CEO of the Serum Institute of India. The consortium is buying the franchise from Manoj Badale and other existing investors.

The $1.65 billion valuation covers not just the IPL team but the Rajasthan Royals’ entire global portfolio. That includes the Paarl Royals in South Africa’s SA20 league and the Barbados Royals in the Caribbean Premier League.

Once the deal is complete, expected in the third quarter of 2026, the ownership structure will shift dramatically. 

The Mittal family will hold a commanding 75 per cent stake, while Adar Poonawalla will own around 18 per cent.

The remaining 7 per cent will remain with existing shareholders, including Manoj Badale, who had been the face of the franchise for years.

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