The Kal Somani-led group, which had been on the verge of buying Rajasthan Royals, has now officially responded to the takeover completed by the Lakshmi Mittal consortium. In its reaction, the group raised concerns around honesty, integrity, professionalism, transparency, and the presence of a level playing field in the ownership process.
In a joint statement released on Tuesday, Kal Somani, Rob Walton, Jordan Walton and Michael Hamp said, “Unfortunately, that wasn’t enough.” The group also noted that it had been preparing its position after the deal moved in a different direction.
Quick facts
- Kal Somani group was close to acquiring Rajasthan Royals before the Lakshmi Mittal-led consortium completed the takeover.
- The Somani group cited concerns over honesty, integrity, professionalism, transparency, and a level playing field.
- The statement was issued by Kal Somani, Rob Walton, Jordan Walton and Michael Hamp on Tuesday.
- The Somani consortium was reportedly close to a $1.63 billion agreement before the deal did not go through.
- The Lakshmi Mittal-led consortium, also featuring Adar Poonawalla, ultimately acquired the team for $1.65 billion (Rs 15,660 crore).
- The group said it was fully funded and never withdrew its bid, despite rumours about financing.
- They said the franchise’s board meeting on Saturday was expected to approve their consortium, but that did not happen.
- The group indicated it will look for future opportunities in the IPL.
The Somani consortium expressed deep disappointment at not being included in the Rajasthan Royals ownership group, describing a six-month process in which it claimed to be the leading bidder from start to finish. It said its team worked to assemble a wide-ranging investor base, highlighting experience across major overseas leagues including the NFL, MLB, EPL, La Liga and TGL.
The statement further said the consortium included “select global superstars” from the highest levels of professional sport. It stressed that the group was driven by the chance to help push the IPL onto “new international heights,” linking the bid to a wider vision for the league’s global expansion.
As per reports, the Somani consortium had reportedly struck terms for $1.63 billion before the arrangement fell through. The ownership then moved to the Lakshmi Mittal-led group, which also counts Adar Poonawalla among its members, completing the purchase for $1.65 billion, stated as Rs 15,660 crore.
The four American investors involved in the statement insisted they had been the strongest group at every stage while competing with prominent figures in the wider sports investment ecosystem. They also addressed industry chatter suggesting funding concerns, denying that any issues with money affected the bid.
“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 consortium said. It added that documentation had already been executed and that it was informed the Rajasthan Royals franchise’s board meeting on Saturday would be held to approve its consortium.
However, the group claimed that approval did not materialise. It said it approached the entire process with the “highest standards” of honesty, integrity and professionalism, acting in good faith, but concluded that the final result still did not align with its expectations.
Level playing field and transparency concerns
Beyond funding, the Somani group focused on what it described as an absence of a level playing field. It said it could not reconcile the strength of its bid and readiness to complete the transaction with the decision that ultimately went against it.
The consortium said it respects sporting and competitive outcomes, but argued that processes at this scale should be run with transparency, consistency, integrity and good faith. It added that while the result was both “surprising and disappointing,” it is treating the experience as part of a longer journey.
Looking ahead, the group said it remains proud of its partners and highlighted the speed at which it can execute deals. It reiterated a shared vision that it believes unites its consortium, and said it will continue to pursue involvement in IPL ownership and related opportunities.
In closing, the statement emphasised its belief in the global growth of sport and said it wants to channel that drive into future chances where it can deploy capital, expertise and long-term commitment. The group also wished Rajasthan Royals success going forward and thanked everyone who played a key role in the journey alongside it.
