Somani Consortium Slams RR Sale Process

Kal Somani group cries foul over transparency as Mittal, Poonawalla seal Rajasthan Royals sale controversy for ₹15,600 crore

New Delhi, May 5: A bitter dispute has surfaced over the high-stakes sale of IPL franchise Rajasthan Royals, with the Kal Somani-led consortium accusing the process of lacking transparency and fairness.

The US-based group, which included executives from Walmart and Ford, issued a strongly worded statement late Tuesday, expressing "deep disappointment" after losing out to a powerhouse bid from industrialist Lakshmi Niwas Mittal, his son Aditya Mittal, and Serum Institute's Adar Poonawalla. The winners acquired a 93% stake in the Pink City outfit for around ₹15,600 crore ($1.65 billion), marking one of the priciest deals in IPL history.

Somani's Bid Led for Months

Sources close to the matter said the Somani consortium had been frontrunners for six months, maintaining a strong $1.63 billion offer right till the end. They insisted they never withdrew and were fully funded to close the deal promptly. "We were the lead bid from start to finish," their statement noted, questioning why their preparedness didn't sway the outcome.

Media buzz earlier suggested the group had pulled out, but Somani dismissed those reports as misinformation. The consortium, backed by heavyweights from global retail and automotive giants, argued the process fell short on "transparency, consistency, integrity and good faith."

Mittal-Poonawalla Take 93% Stake

The deal, finalized recently, hands the Mittal family about 75% ownership, with Poonawalla holding 18%. The remaining 7% stays with existing investor Manoj Badale and associates. A revamped board now features Lakshmi Mittal, Aditya Mittal, Vanisha Mittal-Bhatia, Poonawalla, and Badale.

This infusion of corporate muscle comes at a time when IPL valuations are soaring ahead of the 2026 auction cycle. Rajasthan Royals, known for their Jaipur base and pink jerseys, now rank among the league's most valuable assets.

Existing Owners Cite Documentation Issues

Insiders familiar with the Rajasthan Royals sale controversy revealed that current owners flagged technical lapses in Somani's paperwork. "There were deficiencies that didn't meet the required standards," one source said, prompting the shift to the Mittal group's cleaner bid.

Somani rejected this outright, terming it an "attempt to tarnish our image." Officials from the franchise and IPL governing council have stayed tight-lipped so far, with no formal response to the allegations as of late evening Tuesday.

Royals' Rollercoaster IPL Journey

The franchise boasts a storied past. Under Shane Warne's leadership, they clinched the inaugural IPL title in 2008, stunning favorites with a bootstrapped squad. But glory faded; they reached the final only once since, losing to Gujarat Titans in 2022.

A major setback hit in 2015 with a spot-fixing scandal. Co-owner Raj Kundra was implicated in betting by the Lodha Committee, leading to a two-year ban. Royals and Chennai Super Kings sat out 2016-17 seasons before staging a comeback in 2018.

Questions Linger on Auction Fairness

The row raises fresh scrutiny on how IPL stakes change hands in these mega-deals. Fans and analysts wonder if regulatory oversight needs tightening for such sums. Somani's public airing could invite questions from the BCCI, though no probe has been announced.

For now, the new owners eye bolstering the squad for IPL 2026, where Royals aim to reclaim past highs. The Rajasthan Royals sale controversy, however, simmers, potentially casting a shadow over the transition.