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A consortium led by Kal Somani, a US entrepreneur, has voiced its concerns regarding the sale of the Rajasthan Royals franchise. They argue that the final decision did not demonstrate a fair competitive environment, despite their bid progressing through various stages.

In a statement released on Tuesday, the Somani group expressed their disappointment after the franchise was sold to a consortium led by Lakshmi Narayan Mittal and Adar Poonawalla for $1.65 billion (around INR 15,660 crore). This winning bid narrowly exceeded the Somani consortium's offer of $1.635 billion.

As reported by ESPNcricinfo, the Somani-led group, which includes notable global sports investors with interests in major leagues like the NFL, MLB, EPL, and La Liga, claimed to have been the leading contender throughout the six-month bidding process.

"We do not believe the outcome reflected a level playing field, and reconciling the strength of our bid with the final decision is challenging," stated the consortium.

"We are profoundly disappointed not to join the Rajasthan Royals ownership group after being the lead bidder from the beginning of this lengthy process," they added.

"Our consortium diligently assembled a distinguished group of investors with ownership experience across top leagues. We were motivated by the chance to elevate the IPL to new international heights."

The Somani-led group also refuted claims that they had withdrawn from the bidding or lacked financial support.

"We were the strongest group at every stage, competing against some of the most prominent investors in the sports sector," the statement emphasized. "Contrary to rumors, our group was fully funded and prepared to finalize the deal. We had documentation in place and were informed that the franchise's board meeting on Saturday was to approve our consortium, which ultimately did not happen."

"We approached this process with integrity and professionalism, but unfortunately, that was insufficient. We do not believe the outcome reflected a level playing field, and reconciling our bid's strength with the final decision is difficult," they concluded.

While recognizing the competitive nature of such high-stakes transactions, the consortium highlighted the need for transparency and consistency in the process.

The final decision regarding the sale was made by the Royals board during the weekend of May 2-3.

Somani, who has been a board member since 2021, reportedly recused himself from discussions due to his role as a bidder.

The rationale behind the board's choice to favor the Mittal-led consortium remains unclear.

The new ownership structure, pending regulatory approvals including from the BCCI, is anticipated to be formalized in the third quarter of 2026.

The restructured board will consist of Lakshmi Mittal, Aditya Mittal, Vanisha Mittal-Bhatia, Adar Poonawalla, and current principal owner Manoj Badale, who will maintain a minority stake.