The billion-dollar battle for the Rajasthan Royals (RR) has taken a dramatic turn. Just 48 hours after the franchise announced a $1.65 billion (approx. ₹15,600 crore) acquisition by the Mittal Family and Adar Poonawalla, the ousted US-based consortium has issued a scathing rebuttal, claiming they were the “lead bid from start to finish.”
The statement, signed by tech entrepreneur Kal Somani, Walmart heir Rob Walton, Jordan Walton, and Michael Hamp, flatly denies media reports that their bid collapsed due to financial hurdles.
The Somani-led consortium has strongly refuted claims that it lacked capital commitment, asserting that it was fully funded and ready to close the deal. The group said it had completed all necessary legal documentation and was under the impression that the franchise’s board meeting on May 3 had been convened specifically to approve its bid.
Dismissing reports of a withdrawal, the consortium stated that it had “always been fully funded” and had never backed out of the process. It also поted its strong sporting pedigree, noting that its investor base includes stakeholders with experience across major global leagues such as the NFL, MLB, EPL, La Liga and TGL, along with several high-profile figures from the world of professional sports.
Allegations of lack of transparency
A part of their statement questions the integrity of the sale process managed by current majority owner Manoj Badale.
“We do not believe the outcome ultimately reflected a level playing field… it is difficult to reconcile the strength of our bid with the final decision. Processes of this significance should be conducted with transparency, consistency, and in good faith.”
While the group expressed “deep disappointment,” they noted that they view this as part of a “broader journey” into the global sports economy.
Rajasthan Royals enter a new ownership
The Rajasthan Royals are set to enter a new ownership phase led by the Mittal-Poonawalla combine, marking a significant shift despite the recent controversy. The Mittal family, headed by steel magnate Lakshmi N. Mittal and Aditya Mittal, will hold a dominant 75% stake in the franchise.
Serum Institute of India CEO Adar Poonawalla will acquire an 18% share, while existing promoter Manoj Badale will retain a 7% minority stake and continue as a board member, ensuring continuity. The deal, which also includes sister franchises Paarl Royals in SA20 and Barbados Royals in the CPL, is expected to be finalised in Q3 2026, subject to approvals from the BCCI and other regulatory authorities.