A US-based consortium that made the leading bid to acquire the Rajasthan Royals (RR) along with its other franchise interests in the SA20 and CPL has expressed shock and disappointment after the deal was instead taken by a different group led by Indian-origin businessman Lakshmi Mittal.<\/p>\n
On Sunday, it was reported that Lakshmi Mittal, alongside Adar Poonawalla, purchased the Rajasthan Royals franchise for US$1.65 billion (around INR 15,660 crore). The figure edged out a US$1.635 billion offer reportedly submitted by the consortium based in the United States.<\/p>\n
In a statement released on Tuesday, the US consortium\u2014headed by Arizona-based tech entrepreneur Kal Somani\u2014said it was \u201cboth surprising and disappointing\u201d that the Royals board chose another ownership group. The consortium also includes Rob Walton, an owner of the Denver Broncos in the NFL, and Michael Hamp, the son of Sheila Ford Hamp, who is associated with the Detroit Lions.<\/p>\n
The group argued that the decision by the Royals board to grant the franchise to a separate consortium did not amount to a fair \u201clevel-playing field\u201d.<\/p>\n
The consortium stated it was deeply disappointed that it would not be part of the Rajasthan Royals ownership group, insisting it had assembled an experienced investor lineup and was ready to complete the transaction.<\/p>\n
It was also understood that the final call was taken by the Rajasthan Royals board over the weekend of May 2\u20133.<\/p>\n
The matter of why one consortium was selected over the other remained unclear. A query was sent to Manoj Badale on May 3 to clarify details, but he did not respond.<\/p>\n
In its statement, the Somani-led group said it had expected \u201ccompetitive outcomes\u201d but argued that processes of this scale should be handled with transparency, consistency, integrity, and good faith.<\/p>\n
The consortium further said:<\/p>\n
The statement concluded by saying the outcome was surprising and disappointing, while framing the experience as part of a broader journey.<\/p>\n
Once the required approvals are secured, including those from the BCCI, the next Rajasthan Royals board is expected to be formed in the third quarter of 2026.<\/p>\n
A US-based consortium that made the leading bid to acquire the Rajasthan Royals (RR) along with its other franchise interests in the SA20 and CPL…<\/p>\n","protected":false},"author":4,"featured_media":7596,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_yoast_wpseo_title":"IPL News: US Consortium Shocked as RR Sale Goes to Mittal","_yoast_wpseo_metadesc":"Rajasthan Royals sold for $1.65b as Lakshmi Mittal\u2019s group wins. The US consortium behind the bid reacts with shock and disappointment.","footnotes":""},"categories":[2],"tags":[],"class_list":["post-7597","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipl"],"yoast_head":"\n