Transparency questioned by Kal Somani-led group as Royals ownership goes to Mittal, Poonawala
Rajasthan Royals (Source: BCCI/IPL)
Published - 05 May 2026, 01:57 PM• Read time - 2 mins
The Kal Somani-led consortium, comprising top-tier sports investors from the USA, which had made the highest bid to take over Rajasthan Royals and its subsidiaries in the SA20 (Paarl Royals) and the Caribbean Premier League (Barbados Royals), is "deeply disappointed" after getting robbed of the deal.
It was announced on May 3 that steel magnate Lakshmi Mittal and Adar Poonawala, the CEO of Serum Institute of India, the world's largest vaccine manufacturer in terms of volume, had closed the deal for USD 1.65 billion (INR 15,660 crore approx.), pipping the bid (USD 1.63 billion) of the Kal Somani-led group.
In a statement issued on May 5, the Kal Somani-led consortium has expressed its disappointment and alleged that the outcome ultimately didn't reflect "a level-playing field".
"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," the statement read.
"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."
The Somani-led group has also quashed reports that it was not "fully funded" and was unable to close the deal.
"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," the press release further added.
