RR sale controversy: Somani-led consortium flags transparency issue

In its official communication, the Somani-led group clarified that it had remained fully committed throughout the acquisition process and had not stepped away at any stage

The US-based consortium led by Kal Somani has responded after missing out on the Indian Premier League (IPL) franchise Rajasthan Royals (RR) acquisition, expressing disappointment over how the bidding process unfolded. Despite being a frontrunner for much of the process, the group said the final outcome did not reflect a fair and consistent evaluation.

 

The franchise was ultimately acquired by a consortium led by industrialist Lakshmi N Mittal, along with Aditya Mittal and Adar Poonawalla, who secured a controlling stake in the IPL team. The Somani-led group, however, pushed back against suggestions that it had withdrawn from the race. 

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Consortium denies pulling out of bidding process

In its media statement on Tuesday, the Somani-led group said it remained fully committed throughout the acquisition process and did not step away at any stage. It maintained that the consortium was financially prepared and capable of completing the transaction, countering reports that suggested otherwise.

 

The group added that it had been ready to close the deal and remained engaged until the final stages of the process.

Concerns raised over fairness and process

The consortium said it approached the bidding process with professionalism and integrity but felt the final decision did not align with expectations of a fair, competitive process.

 

It added that the outcome was difficult to reconcile, given the strength of its proposal and preparedness to complete the deal. The group stressed that transactions of such scale should be conducted with transparency, consistency and clarity to maintain stakeholder confidence.

 

Sources, however, indicated that documentation-related issues may have impacted the bid, although specific details were not publicly disclosed.

Winning bid led by Mittal family and partners

The ownership structure of Rajasthan Royals has shifted significantly, with the Mittal family taking a majority stake alongside Poonawalla.

 

The deal, valued at approximately $1.65 billion, marks one of the most high-profile franchise transactions in the league. Existing stakeholders, including Manoj Badale, will continue to hold a minority share and remain part of the restructured board.

Somani consortium’s early lead

The Rajasthan Royals ownership saga unfolded over several months, with the Somani-led consortium emerging as a frontrunner after multiple rounds of bidding.

 

Backed by prominent global investors, including Rob Walton and associates linked to NFL ownership, the group reportedly submitted an offer of around $1.63 billion. It outbid several high-profile contenders, including the Aditya Birla Group, the Times of India Group and Avram Glazer’s Lancer Capital.

 

The consortium had reached the final stages after binding bids in March, positioning itself as the likely new owner at one point.

Mittal-Poonawalla group seals deal

However, in a dramatic turnaround, the franchise was acquired by the Mittal-led consortium for approximately $1.65 billion. The deal also includes stakes in Paarl Royals and Barbados Royals, expanding the Royals brand footprint globally.

 

Existing owner Manoj Badale retained a minority share as part of the new structure. While the Somani-led group had led the race at various stages, the reasons behind its inability to close the deal were not officially disclosed.

 

The final valuation also underlines the IPL’s rapid growth, with Rajasthan Royals now worth nearly 58 times their original $67 million purchase price in 2008. 

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