Earlier this week, IPL franchise Rajasthan Royals had been confirmed to have been sold to a consortium led by steel magnate Lakshmi Niwas Mittal and Aditya Mittal of ArcelorMittal. Other members of this consortium included Adar Poonawalla and an existing group of investors.
This was the second time this year that the Rajasthan Royals were reported to have been sold to a different group of owners.
The Mittal-Poonawalla deal
The Mittal family was reported to have held a 65% stake in the new deal.
CEO of Serum Institute, Adar Poonawalla, held 18% stake in the new deal while RR’s current owner, Manoj Badale, led a group of investors who held the remaining 7%.
The total value of this deal, which also includes Rajasthan Royals’ T20 franchises outside India, was reported to be $1.65 billion. The deal is set to be complete in the third quarter of 2026, subject to any pending approvals.
All deals like this have to be ratified by both the Competition Commission of India and the BCCI.
The Kal Somani-led consortium
In March 2026, it was originally reported that American tech-entrepreneur Kal Somani had led a consortium that was set to buy Rajasthan Royals.
Somani’s consortium contained Rob Walton of the Walmart family and Michael Hamp of the Ford Hamp family. Both Walton and Hamp own franchises in the NFL (National Football League) in the USA.
This consortium had submitted its bid 6 months ago, and finalised a deal reportedly worth $1.635 billion.
Reports had also suggested that this consortium backed out of the Rajasthan Royals deal because they couldn’t raise the necessary funds on time. Now, they have refuted those claims.
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“We do not believe the playing field was level” – Somani’s consortium on their Rajasthan Royals exit
Somani, Jordan, and Hamp issued a joint statement representing the consortium. In that statement, they claimed that the reports of them being unable to raise the funds are false and were planted in the press.
The statement was originally reported by RevSportz.
“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,” the statement said.
“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 sport. 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,” it added.
“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 being held to approve our consortium. In the end, this was not the case. We approached this process with the highest standards of honesty, integrity, professionalism and in good faith, but unfortunately that wasn’t enough.”
“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.”
“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. We wish the Rajasthan Royals success going forward and thank all those who were a key part of the journey alongside us.”
🚨BREAKING and EXCLUSIVE
“We were wronged.” – The US-based Kal Somani consortium claims they were sidelined in the $1.65B deal of #RajasthanRoyals to the Mittal family.
– Deny pulling out of the race
– Claim they were fully funded from the start
– Cite a lack of transparency… pic.twitter.com/n665RvtugY— RevSportz Global (@RevSportzGlobal) May 5, 2026
