Earlier this week, IPL franchise Rajasthan Royals was confirmed to be sold to a consortium led by steel magnate Lakshmi Niwas Mittal and ArcelorMittal’s Aditya Mittal. Other members of this consortium included Adar Poonawala and an existing group of investors.
This was the second time this year Rajasthan Royals It was reported that these had been sold to a different group of owners.
Mittal-Poonawala deal
It was told that the Mittal family had 65% stake in the new deal.
Serum Institute CEO Adar Poonawalla held 18% stake in the new deal, while RR’s current owner, Manoj Badale led a group of investors who held the remaining 7% stake.
The total value of the deal, which also includes the Rajasthan Royals T20 franchise outside India, was reported to be $1.65 billion. Subject to any pending approvals, the deal is scheduled to close in the third quarter of 2026.
All such deals must be approved by both the Competition Commission of India and the BCCI.
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Union led by Kal Somani
In March 2026, it was originally reported that American tech-entrepreneur Kal Somani had led a consortium that was set to purchase Rajasthan Royals.
Somani’s consortium included Rob Walton of the Walmart family and Michael Hamp of the Ford Hamp family. Both Walton and Hamp have franchises in the NFL (National Football League) in the United States.
The consortium had submitted its bid six months ago and reportedly finalized the deal worth $1.635 billion.
Reports also suggested that the consortium backed out of the Rajasthan Royals deal because they could not raise the required funds on time. Now, he has denied those claims.
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“We don’t believe the playing field was level” – Somani’s union on Rajasthan Royals exit
Somani, Jordan and Hamp, representing the union, issued a joint statement. In that statement he claimed that reports of being unable to raise funds were false and spread in the press.
This statement was originally reported by RevSportz.
“After a six-month long process in which we were the leading bidder from start to finish, we are deeply disappointed to not be part of the ownership group of Rajasthan Royals,” the statement said.
“Our consortium worked tirelessly to assemble a distinguished group of investors with ownership experience in the NFL, MLB, EPL, La Liga and TGL. The group included select global superstars from the top levels of professional sport. We were all inspired by the opportunity to help take the IPL to new international heights. Throughout the entire process, we were the strongest group at every stage, competing against some of the most prominent investors in the sports investment landscape.”
“Contrary to the stories that appeared in the press, our group was always fully funded, ready to close with certainty, and never withdrew our bid. We had documentation in place and were told that the franchisees’ board meeting was being held on Saturday to approve our union. In the end, this was not the case. We approached the process with the highest standards of honesty, integrity, professionalism and good faith, but unfortunately it was not enough.”
“We do not believe that the outcome ultimately reflects a level playing field, and it is difficult to reconcile the strength of our bid and our preparations to end up with a final decision. While we respect the competitive outcome, we also believe that processes of this importance must be conducted with transparency, consistency, integrity, and good faith.”
“While this outcome is both surprising and disappointing, we view this experience as part of a broader journey. We are proud of the partners we work with, the speed with which we have been able to implement, and the shared vision that unites us.
“Our belief in the global growth of the game is as strong as ever. We look forward to putting that energy into future opportunities where we can deploy our capital, expertise and long-term commitment. We wish Rajasthan Royals every success and thank everyone who was an important part of the journey with us.”
Breaking and Exclusive
“Injustice was done to us.” – US-based Kal Somani consortium claims they were sidelined in $1.65B deal #RajasthanRoyals To Mittal family.
-Refused to withdraw from the race
– Claim that they were fully funded from the beginning
– Cite lack of transparency… pic.twitter.com/n665RvtugY– RevSportz Global (@RevSportzGlobal) 5 May 2026