NEW DELHI
The battle for the Rajasthan Royals has moved from the pitch to the boardroom. Just days after the Mittal family and Adar Poonawalla announced their takeover of the IPL team, the U.S.-based Kal Somani consortium has hit back, claiming they were unfairly sidelined from the deal.
In a surprising twist, the Somani group insists they never withdrew their massive $1.63 billion bid. Earlier reports suggested the group faced funding issues, but the consortium in which includes owners with experience in the NFL and MLB, blasted those claims as “planted stories.” They stated they were fully funded and ready to close the deal, even alleging they were told a board meeting last Saturday was meant to approve their offer.
“We do not believe the outcome reflected a level playing field,” the group said in a joint statement. They expressed deep disappointment, noting that they had worked for six months to bring global sports expertise to the IPL. Despite having documents in place, they were left shocked when the franchise was sold to the Mittal and Poonawalla partnership instead.
Under the new agreement, the Mittal family will own 75% of the team, with Poonawalla taking 18%. While Manoj Badale remains as a minority shareholder to provide continuity, the Somani group feels the process lacked transparency. Though they lost this round, the consortium remains committed to investing in global sports, leaving the door open for future opportunities in the cricketing world.
