The Arizona tech investor Kal Somani and his heavyweight US-based consortium say they are “both surprising and disappointing” at losing out to a Lakshmi Mittal-fronted group in the $1.65 billion purchase of Rajasthan Royals and the franchise’s sister teams in South Africa and the Caribbean.
The Royals board confirmed at the weekend that Mittal, together with vaccine manufacturer Adar Poonawalla, had offered marginally more – $1.65 billion against the Somani group’s $1.635 billion. By Monday morning the deal was all but rubber-stamped, ending a six-month tender that insiders call one of the most tightly fought since the IPL began selling stakes in 2008.
Key facts first
• Mittal-Poonawalla bid: $1.65 bn (approx. ₹15,660 crore)
• Somani consortium bid: $1.635 bn
• Four formal bidding rounds, November to March
• Final board vote reportedly held 2–3 May
After the decision, the losing bidders released a statement on Tuesday. “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 read. The group includes Rob Walton of the Denver Broncos and Michael Hamp, whose family own the Detroit Lions, plus minority investors from Major League Baseball, the Premier League and Spain’s La Liga.
Somani himself has sat on the Royals board since buying a small stake in 2021. Because he turned from seller to buyer, he recused himself from the decisive directors’ meeting, but sources say he met Manoj Badale – the principal owner – in London late last week to settle final terms.
The consortium insists funding was never an issue. “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 wi…,” the statement added, the final sentence trailing off in the original release.
A second quotation addressed the wider concern: “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.”
Background, minus the hype
Badale has long sought fresh capital to keep pace with the IPL’s growth and to expand the Royals brand overseas. The franchise already runs Paarl Royals in SA20 and Barbados Royals in the CPL – both T20 leagues that mirror the IPL model, albeit on a smaller budget. For any buyer, those sister teams are part of the package.
Industry analysts reckon the extra $15 million Mittal placed on the table was not, on its own, decisive. One London-based sports banker suggested timing and strategic alignment may have swayed the board. “Sometimes control clauses, debt cover and the speed at which cash can move are worth more than a headline number,” he told this writer.
However, without an official explanation the speculation rolls on, and the silence from Badale – he is yet to answer questions sent on 3 May – only fuels it.
What next?
• Formal paperwork: expected to close by late June, subject to IPL and BCCI approval.
• Possible legal review: Somani’s camp have not threatened court action but have also not ruled it out.
• Team operations: no immediate impact on Sanju Samson’s side; cricket staff continue as normal during the IPL season.
Reaction inside the dressing-room has been muted. One senior player, granted anonymity, called the ownership saga “above our pay grade” and said the squad’s focus remains on securing a top-four finish.
Perspective
While boardroom battles rarely excite supporters, ownership stability does matter. Fresh investment can mean upgraded academies, better scouting in smaller Indian centres and, yes, bigger cheques at auction. Equally, a messy hand-over can unsettle a club; fans of Chelsea FC will remember the limbo before Todd Boehly’s takeover.
For now, the Royals look set to enter a new, Mittal-led era. Yet the public challenge from Somani’s group, and its pointed reference to a “level-playing field”, ensures the debate will linger long after the final ball of this IPL season.
A resolution, on or off the pitch, cannot come quickly enough.
