Delhi. Expressing ‘deep disappointment’ over losing the Rajasthan Royals ownership bid to a group led by industrialist Lakshmi N Mittal, the US-based Kal Somani-led group on Tuesday denied that it had pulled out of the bidding process and said the final outcome did not reflect ‘fair competition’.
Lakshmi Mittal and her son Aditya Mittal, along with vaccine maker Adar Poonawala, acquired a majority stake in Rajasthan Royals for US$1.65 billion (about Rs 15,600 crore) after the group comprising Somani (technology entrepreneur), Rob Walton (Walmart Group) and Sheila Ford Hamp (Ford Group) withdrew their names, according to the Rajasthan Royals franchise.
“We were the lead bidder from start to finish during the six-month long process and are extremely disappointed to not be able to become a part of the ownership group of Rajasthan Royals,” the Somani-led group said in the release.
It further said, “Contrary to what has been spread in the media, our group was fully funded and ready to take ownership. Our group was definitely ready to close the deal. We never withdrew our bid.”
The group said it has all the documents and was told that a meeting of the franchise’s board was called on Saturday to approve its bid. “But in the end that didn’t happen,” the group said. “We approached this process with the highest standards of honesty, integrity, professionalism and good faith, but unfortunately it was not enough.”
“We believe the final outcome does not reflect fair competition,” according to the release. The Somani-led US-based group had offered US$1.63 billion, but according to sources, there were several issues with its documents, which did not stand the scrutiny of the franchise’s current owners Manoj Badale and the group. The Mittal family will own about 75 percent of Rajasthan Royals, while Poonawalla will hold about 18 percent. The remaining approximately seven percent stake will remain with the existing investors including Badal.
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