Controversy Erupts Over Rajasthan Royals Ownership Deal

The Kal Somani-led consortium has raised serious concerns after being excluded from the Rajasthan Royals ownership deal, which was acquired by a rival group for $1.65 billion. They claim to have been fully funded and prepared to finalize the deal, expressing disappointment over the lack of transparency in the process. As the Mittal-led consortium prepares to take over, the Kal Somani Group reflects on their journey and looks forward to future opportunities in sports investment. This unfolding situation highlights the competitive nature of IPL ownership and the complexities involved in high-stakes sports deals.

By Narendra Chaudhary May 5, 2026, 13:47 IST

Kal Somani Consortium Claims Exclusion from Rajasthan Royals Deal

The consortium led by Kal Somani has made serious allegations, stating they were unfairly excluded from acquiring stakes in the Rajasthan Royals (RR). This group, which includes Rob Walton from the Walmart family and the Hamp family, had initially secured RR for an impressive $1.63 billion in March. However, on May 3, another consortium led by Lakshmi Mittal, Aditya Mittal, and Adar Poonawalla announced their agreement to purchase Rajasthan Royals along with its affiliates, Barbados Royals and Paarl Royals, for $1.65 billion.

Reports suggest that the deal with the Kal Somani consortium fell through due to issues related to funding, regulatory challenges, and the consortium's buyer structure for the IPL franchise. On Tuesday, the Kal Somani Group issued a statement asserting they did not withdraw from the negotiations and raised concerns about transparency.

“We are extremely disappointed not to be included in the Rajasthan Royals ownership group after a lengthy six-month process where we were the leading bid from the beginning,” the statement read. “Our consortium worked diligently to gather a distinguished group of investors with experience in the NFL, MLB, EPL, La Liga, and TGL, including notable global sports superstars. Our goal was to elevate the IPL to new international levels. Throughout this process, we consistently demonstrated our strength, competing against some of the most notable investors in the sports sector.”

The group emphasized that contrary to media reports, they were fully funded and ready to finalize the deal, having completed necessary documentation. They were informed that a board meeting was scheduled to approve their consortium, which ultimately did not occur. “We approached this process with the utmost honesty, integrity, and professionalism, but unfortunately, that was insufficient,” they stated.

'Deeply Disappointed': Kai Somani Group After Losing RR Deal

The consortium expressed their surprise and disappointment at the outcome but extended their best wishes to the Rajasthan Royals for the future. “While this result is both unexpected and disheartening, we view this experience as part of a larger journey. We take pride in our partners, the speed of our execution, and the shared vision that unites us,” they added.

“Our belief in the global expansion of sports remains unwavering. We look forward to directing that energy into future opportunities where we can invest our capital, expertise, and long-term commitment.” They concluded by wishing the Rajasthan Royals success and thanking everyone who supported them throughout the process.

Once the agreement with the Mittal-led consortium is finalized, the Mittal family is expected to hold a 75% stake, while Poonawalla will possess approximately 18%. The remaining 7% will be retained by current shareholders, including Badale.