‘We Were Wronged’: Kal Somani Group Cries Foul, Questions Integrity of $1.6B Rajasthan Royals Deal to Mittals
The consortium said it was the fully funded lead bidder and called for more transparency after the franchise was sold for about $1.65 billion.
- On Sunday, the Indian Premier League franchise Rajasthan Royals announced its acquisition by the Mittal Family and Adar Poonawalla for approximately USD 1.65 billion, prompting the Somani-led consortium to question the sale process.
- US-Based investor Kal Somani stated his group was fully funded and prepared to close throughout the six-month process, expecting approval during a board meeting on Saturday that never materialized.
- The consortium previously offered USD 1.63 billion for a 100 per cent stake in March, and investors now allege the acquisition process did not reflect a level playing field.
- Approximately 7 per cent of the Royals will remain with existing investors, including Manoj Badale; the team is the second franchise sold this year following the Royal Challengers Bengaluru.
- While disappointed, the consortium stated it remains committed to future sports investments and calls for increased transparency in acquisition processes, noting that belief in global sports growth remains strong.
16 Articles
16 Articles
RR Sale Sparks Controversy: Kal Somani-Led Consortium Alleges They Were Shut Out Of Rajasthan Royals Deal
Kal Somani-led consortium says it led the Rajasthan Royals bid but was eventually overlooked despite being fully funded and ready to close. It denies withdrawing its offer and questions the process
Somani-led consortium questions transparency in Rajasthan Royals sale, calls outcome surprising and disappointing - The Tribune
In a statement issued on Tuesday, the Somani-led group expressed disappointment after the franchise was ultimately sold to a consortium headed by Indian-origin businessman Lakshmi Narayan Mittal, along with Adar Poonawalla, for US$1.65 billion (approximately INR 15,660 crore). The winning bid narrowly surpassed the Somani consortium's reported offer of $1.635 billion.
Rajasthan Royals ownership controversy: Kal Somani-led consortium expresses disappointment after deal falls through
The consortium led by US-based investor Kal Somani has expressed its disappointment after failing to acquire ownership of Indian Premier League (IPL) franchise Rajasthan Royals.
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