Kal Somani-led consortium has finally addressed the growing buzz surrounding its failed bid to acquire Indian Premier League (IPL) franchise Rajasthan Royals, expressing disappointment after losing out to Lakshmi Mittal and Adar Poonawalla-backed group.
In a detailed joint statement, the consortium—featuring Kal Somani, Rob Walton, Jordan Walton, and Michael Hamp—outlined their position following the high-profile ownership development.
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Consortium expresses disappointment, questions transparency
The group revealed that it had been a frontrunner throughout the acquisition process but ultimately fell short despite sustained efforts.
"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. 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."
Addressing speculation around financial limitations, the consortium firmly denied any concerns over funding.
"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."
They further stated that they had completed necessary documentation and were under the impression that the franchise board meeting was set to approve their 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."
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‘Lack of level playing field’ flagged amid ownership outcome
The consortium also raised concerns over the fairness of the process, suggesting that the final outcome did not reflect a level playing field.
"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."
Despite the setback, the group maintained a forward-looking stance, reaffirming its commitment to investing in global sports.
"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."
The consortium concluded by confirming its continued interest in future IPL opportunities.
"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. We wish the Rajasthan Royals success going forward and thank all those who were a key part of the journey alongside us."
RR was acquired for $1.65 billion jointly by the Mittal family and the Adar Poonawalla group.