‘Deeply disappointed’: Kal Somani-led consortium reacts to Rajasthan Royals sale
· Yahoo Sports
The Kal Somani-led consortium has expressed "disappointment" that their effort to acquire Rajasthan Royals and its sister teams - Barbados Royals and Paarl Royals - did not materialise. On Sunday, steel magnate Lakshmi N Mittal, Aditya Mittal and Adar Poonawalla were announced as the new lead investors and ownership group for the IPL franchise at a valuation of $1.65 billion. The deal, subject to regulatory checks, is expected to conclude in Q3 2026.
Following the latest deal, Mittal Family will hold nearly 75 percent stake, Poonawalla will own 18 percent, while the remaining 7 percent will stay with existing set of investors, including Manoj Badale.
The consortium led by Arizona-based tech entrepreneur Kal Somani, also comprising owners of two NFL franchises – Rob Walton (Denver Broncos) and Michael Hamp, son of Sheila Ford Hamp, owner of the Detroit Lions – were the lead investors in March.
Now, the Somani-led consortium has said in a statement that they are 'disappointed' with the process.
Here is the full official statement from Kal Somani, Rob and Jordan Walton, and Michael Hamp:
“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.
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.
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.”
Following the latest deal, Mittal Family will hold nearly 75 percent stake, Poonawalla will own 18 percent, while the remaining 7 percent will stay with existing set of investors, including Manoj Badale.
The consortium led by Arizona-based tech entrepreneur Kal Somani, also comprising owners of two NFL franchises – Rob Walton (Denver Broncos) and Michael Hamp, son of Sheila Ford Hamp, owner of the Detroit Lions – were the lead investors in March.
Now, the Somani-led consortium has said in a statement that they are 'disappointed' with the process.
Here is the full official statement from Kal Somani, Rob and Jordan Walton, and Michael Hamp:
“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.
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.
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.”
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