‘Deeply disappointed’: Kal Somani-led consortium reacts to Rajasthan Royals sale
Kal Somani-led consortium has expressed 'disappointment' that they're not part of the ownership group of Rajasthan Royals and its sister teams in the Caribbean and South Africa. The consortium also included Rob Walton (Denver Broncos) and Michael Hamp, son of Sheila Ford Hamp, owner of the Detroit Lions. On Sunday, industrialist Lakshmi N.
Mittal, his son Aditya, and Adar Poonawalla acquired a majority stake in RR for USD 1. 65 billion.
The Kal Somani-led consortium has expressed "disappointment" that their effort to acquire Rajasthan Royals and its sister teams - Barbados Royals and Paarl Royals - did not materialise. On Sunday, steel magnate Lakshmi N Mittal, Aditya Mittal and Adar Poonawalla were announced as the new lead investors and ownership group for the IPL franchise at a valuation of $1. 65 billion.
The deal, subject to regulatory checks, is expected to conclude in Q3 2026. Following the latest deal, Mittal Family will hold nearly 75 percent stake, Poonawalla will own 18 percent, while the remaining 7 percent will stay with existing set of investors, including Manoj Badale. The consortium led by Arizona-based tech entrepreneur Kal Somani, also comprising owners of two NFL franchises – Rob Walton (Denver Broncos) and Michael Hamp, son of Sheila Ford Hamp, owner of the Detroit Lions – were the lead investors in March.
Now, the Somani-led consortium has said in a statement that they are 'disappointed' with the process. Here is the full official statement from Kal Somani, Rob and Jordan Walton, and Michael Hamp: “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.