The Indian Premier League (IPL) franchise, Rajasthan Royals, finds itself embroiled in controversy following its recent takeover by the Mittal family and Adar Poonawalla. The acquisition was completed on Sunday, replacing the consortium led by US-based entrepreneur Kal Somani, Rob and Jordan Walton, and Michael Hamp, whose bid was reportedly rejected due to alleged ‘funding issues’. However, the Kal Somani-led consortium has issued an official statement expressing “deep disappointment” after being sidelined from the acquisition process.
The group claims to have been the “lead bid from start to finish” throughout a six-month process, only to see the franchise reach a definitive agreement with the rival consortium led by the Mittal family and Adar Poonawalla.
In its statement, the Somani-Walton consortium challenged reports suggesting their bid failed due to financial or structural issues. The group maintained they were always “fully funded” and never withdrew their bid, contrary to press reports citing funding constraints. Furthermore, the group has levelled serious allegations against the Rajasthan Royals management, stating the outcome did not reflect a “level playing field” and calling for the process to be conducted with greater transparency and integrity.
The statement from the Kal Somani-led consortium, issued on Tuesday, May 5, 2026, read: “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 further 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 sports. 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.
“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 held to approve our consortium. In the end, this was never the case. We approached this process with the highest standards of honesty, integrity, professionalism, and in good faith, but unfortunately, that wasn’t enough”.
The statement further noted that the decision does not suggest the presence of a ‘level playing field’.
“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,” the statement concluded.
While the Rajasthan Royals announced the USD 1.65 billion takeover on May 3, the fallout has raised the prospect of significant legal challenges that could affect the final closure of the Mittal-Poonawalla acquisition.