On Sunday, it was confirmed that Rajasthan Royals’ majority ownership would be transferred to Lakshmi N Mittal and Aditya Mittal, in partnership with Adar Poonawalla, as a definitive agreement to acquire the franchise from Manoj Badale and his group was reached.
The deal is valued at around $1.65 billion and is expected to be completed by Q3 2026, subject to all approvals. Following completion, the Mittal family will hold a 75% stake, Poonawalla will own 18%, while the remaining shares will stay with existing investors such as Badale.
This development comes after reports that a consortium led by Arizona-based tech entrepreneur Kal Somani, also comprising owners of two NFL franchises – Rob Walton (Denver Broncos) and Michael Hamp, son of Sheila Ford Hamp, owner of the Detroit Lions – had pulled out of the race. The US-based consortium made its initial approach six months ago and reportedly submitted a $1.635 billion bid to acquire the IPL franchise in March.
Now, the Somani-led consortium has stated, via a statement (a copy of which is with RevSportz), that they were wronged in the process.
The official statement released by Somani, Rob and Jordan Walton, and Michael Hamp said: “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.”
It added: “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.”
The consortium claimed that it was fully funded.
“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,” it said. “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.”
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