We Never Withdrew Bid: Kal Somani-led Consortium Claims Sidelining From Rajasthan Royals Sale

We never withdrew bid: Kal Somani-led consortium claims sidelining from Rajasthan Royals sale (Image Source: IANS)

Kal Somani: A couple of days after the Mittal family and Adar Poonawalla acquired the IPL franchise Rajasthan Royals, the US-based Kal Somani consortium claimed they were sidelined from the race and insisted they never withdrew their bid.

In March, Kal Somani reportedly agreed to acquire a 100 per cent stake in Rajasthan Royals for a record USD 1.63 billion and the deal was expected to close after the 2026 IPL season.

But on Sunday, Lakshmi N. Mittal and Aditya Mittal announced that a definitive agreement had been reached to acquire the Rajasthan Royals, in partnership with Adar Poonawalla, from Manoj Badale and his consortium.

The four investors of the consortium—Kal Somani, Rob and Jordan Walton, and Michael Hamp—issued a joint statement saying, "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 further read: "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."

Reports suggested the Somani-led consortium, which previously had a successful bid to acquire RR, ran into funding issues to complete the purchase and their deal fell through.

Reacting to these reports, the consortium said, "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 channeling that energy into future opportunities where we can deploy our capital, expertise, and long-term commitment," the statement concluded.

"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."

Badale will continue to support Rajasthan Royals, acting as a bridge between the past and the present, and bringing his deep knowledge and experience of cricket to the franchise.

Article Source: IANS