Honesty and integrity were not enough: US-based entrepreneur Kal Somani-led group lashes Rajasthan Royals sale process

The sale of Indian Premier League franchise Rajasthan Royals to a consortium led by steel tycoon Lakshmi Mittal and vaccine billionaire Adar Poonawalla has sparked an unusually public backlash from a rival bidder, which on Monday questioned the transparency and fairness of the ownership process after losing out despite claiming to have led the race throughout.

In a strongly worded statement, U.S.-based entrepreneur Kal Somani and consortium partners — including Rob Walton of the Walmart family, Jordan Walton, and Michael Hamp of the Ford-linked Hamp family — said they were “deeply disappointed” after being excluded from the final ownership group despite what they described as a six-month process in which they were “the lead bid from start to finish”.

Also Read: Mittal family set to own 75% of Rajasthan Royals in $1.65 billion deal


“Our consortium worked tirelessly to assemble a distinguished group of investors, with ownership experience across the NFL, MLB, EPL, La Liga and TGL,” the statement said.

The consortium added that it had brought together “select global superstars from the top tiers of professional sports” and viewed the investment as an opportunity “to help take the IPL to new international heights”.

The public rebuttal comes just days after a Mittal family-led consortium agreed to acquire a controlling stake in the Royals at a valuation of around $1.65 billion, one of the biggest franchise deals in global cricket.

Under the agreement, the Mittal family will hold roughly 75% of the franchise, while Poonawalla will own about 18%. Existing investors, including current lead owner Manoj Badale, will retain the remaining stake. The deal also includes sister franchises Paarl Royals in South Africa’s SA20 and Barbados Royals in the Caribbean Premier League.

The Royals sale process has been closely watched in sports business circles after an earlier deal involving the Somani-led group was widely reported as the frontrunner transaction. In March, multiple reports had said the consortium — backed by Walton and the Hamp family — had emerged successful in acquiring the franchise at a valuation of about $1.63 billion.

Also Read: ‘IPL in safest hands’: Lalit Modi backs Mittal-Poonawalla takeover of Rajasthan Royals

However, those negotiations later collapsed, with reports suggesting funding, regulatory and structuring hurdles had delayed the transaction.

Somani’s group has now directly challenged that narrative.

“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,” the consortium said.

It further claimed that binding documentation had already been executed and that members of the group had been informed that a Rajasthan Royals board meeting held over the weekend was intended to approve their consortium.

“In the end this was never the case,” the statement said.

Without naming the successful bidders or franchise management directly, the consortium questioned whether the sale process had been conducted fairly.

“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,” the statement said.

“While we respect competitive outcomes, we also believe that processes of this significance should be conducted with transparency, consistency, integrity and in good faith.”

The unusually public airing of grievances underscores the soaring strategic and financial value of IPL franchises, which have increasingly attracted global billionaires, private equity firms and sports investors seeking exposure to cricket’s fast-growing commercial ecosystem.

Despite the setback, Somani and his partners signalled they would continue pursuing investments in global sport.

“Our belief in the global growth of sport remains as strong as ever,” the group said. “We look forward to channelling that energy into future opportunities where we can deploy our capital, expertise, and long-term commitment.”