The ownership battle surrounding Rajasthan Royals has taken a dramatic turn, with the Kal Somani-led consortium alleging that they were unfairly pushed out of a deal to acquire a majority stake in the franchise. What initially appeared to be a straightforward high-value transaction has now become a debate over transparency and process in one of cricket’s most lucrative leagues.
Back in March, reports suggested that the Somani-led group, which included global investors like Rob Walton and stakeholders linked to the Detroit Lions ownership, was leading the race to acquire the inaugural IPL champions in a deal valued at around $1.63 billion. However, the situation shifted significantly by early May when it was confirmed that the Mittal family—led by Lakshmi N. Mittal and Aditya Mittal—had entered into a definitive agreement to take control of the franchise at a slightly higher valuation of $1.65 billion.
This unexpected turn prompted speculation that the Somani consortium had withdrawn from the process. But in a strongly worded statement, the group denied those claims, alleging instead that they were sidelined despite being fully prepared to complete the deal.
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“We are deeply disappointed not to be part of the Rajasthan Royals ownership group after a six-month process where we were the lead bid from start to finish,” the consortium stated.
They emphasised that their investor group brought extensive global experience, spanning major leagues such as the NFL, MLB, EPL, and La Liga, as well as participation by high-profile sporting figures. According to them, their vision was to elevate the IPL’s global footprint, and they remained the strongest contenders throughout the bidding process.
The group also dismissed reports suggesting they had stepped away, clarifying that they were fully funded and ready to close the deal. “We had executed documentation in place and were informed that the board meeting was to approve our bid. That ultimately did not happen,” they claimed, raising concerns about how the process unfolded.
🚨Rajasthan Royals Somani Deal FAILED 🚨
– Somani-led US consortium (backed by Walmart’s Rob Walton & Ford’s Sheila Hamp) agreed to buy 100% of RR for $1.63 Billion in late March 2026. ✅
– But the deal has fallen through due to funding hurdles & due diligence issues. ❌❌
Why… pic.twitter.com/epXC7yRmJX
— Indian Cricket (@IPL2025Auction) May 5, 2026
More importantly, the consortium questioned the integrity of the bidding procedure. They argued that deals of such magnitude must be conducted with transparency, consistency, and fairness. “We do not believe the outcome reflected a level playing field,” the statement added, hinting at possible inconsistencies in decision-making.
Despite their disappointment, the Somani group maintained a measured tone, describing the experience as a learning curve. They reiterated their confidence in the global growth of sports investments and expressed intent to pursue future opportunities with the same ambition and preparedness.
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Meanwhile, the acquisition by the Mittal family has been structured in partnership with Adar Poonawalla. The deal involves purchasing stakes from existing shareholders, including Manoj Badale, and values not just the IPL franchise but also its global ecosystem, including teams in South Africa and the Caribbean.
Once finalised—expected in the third quarter of 2026—the Mittal family will hold a dominant 75% stake, while Poonawalla will own around 18%. The remaining shares will stay with existing investors.
While the Royals move into a new ownership era, the controversy surrounding the bidding process ensures this story is far from over.
