Rajasthan Royals are at the centre of a fresh ownership controversy after the franchise’s takeover was sealed by the Mittal family and Adar Poonawalla, a deal reportedly completed on Sunday. The switch has come with immediate pushback from the consortium that had previously been in contention, with new claims raising the possibility of legal wrangling that could complicate the final wrap-up of the acquisition.
Ownership change and the dispute that followed
- Rajasthan Royals completed the acquisition process on Sunday, ending the period in which a Kal Somani-led group, along with Rob and Jordan Walton and Michael Hamp, had been part of the race.
- The earlier bid led by the Kal Somani consortium was described as having been turned down, with reports pointing to alleged funding problems as the reason.
- After being left out of the ownership group, the Kal Somani-Walton consortium released an official statement expressing “deep disappointment” at the outcome.
- The group said it had been the “lead bid from start to finish” across a six-month process, but that the franchise later reached an agreement with the rival consortium led by the Mittal family and Adar Poonawalla.
In its response, the Kal Somani-led consortium challenged the narrative that its offer was rejected due to financial or structural shortcomings. The group insisted it was “fully funded,” adding that it did not step back at any stage despite press reports that suggested funding constraints.
The statement also took aim at Rajasthan Royals’ management, alleging the process did not operate on a “level playing field.” The consortium called for greater transparency and integrity in proceedings of this magnitude, arguing that the final decision failed to align with the strength of its bid and its readiness to close.
What the Kal Somani consortium said
Issued on Tuesday, May 5, 2026, the statement began: “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 consortium further claimed that it built a “distinguished group of investors” with experience across major global sports—citing the NFL, MLB, EPL, La Liga and TGL. It added that the group included select global superstars from the upper tier of professional sport, saying all participants were driven by the chance to help elevate the IPL to new international levels. The consortium also stated it viewed itself as the strongest option at each stage, competing against prominent investors in the sports investment ecosystem.
It then directly refuted claims it was unable to proceed. “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,” the statement said. It claimed documentation was in place and that it was informed the franchise’s board meeting on Saturday would be used to approve the consortium—an outcome it said ultimately did not happen.
The consortium said it approached the process with “the highest standards of honesty, integrity, professionalism, and in good faith,” but that the effort “wasn’t enough.” It also reiterated that the final result does not indicate a “level playing field,” and argued it was difficult to reconcile the decision with what it described as the preparedness and strength of its bid.
The statement added that while competitive outcomes are respected, processes involving ownership at this scale should be carried out with transparency, consistency, integrity and good faith. It described the result as both surprising and disappointing, but said it plans to view the experience as part of a wider journey. The consortium concluded by expressing continued confidence in the global growth of sport, saying it expects to channel its energy into future openings where capital, expertise and long-term commitment can be applied. It also wished Rajasthan Royals success and thanked those involved in the journey alongside it.
Rajasthan Royals had announced the USD 1.65 billion takeover on May 3, yet the controversy following the deal has now raised the likelihood of significant legal challenges. Those disputes could potentially affect how smoothly the Mittal-Poonawalla acquisition reaches its final closure.
