The Kal Somani-led consortium based in the US expressed disappointment and alleged a lack of transparency and integrity after losing the bid to acquire the Rajasthan Royals IPL franchise to a group led by industrialist Lakshmi N. Mittal. The consortium, including Rob Walton and Sheila Ford Hamp, denied reports of withdrawing from the bidding process and claimed that the final result did not provide a level playing field. Despite reportedly locking in a $1.63 billion buyout a month ago, the consortium was not approved by the franchise board, leading to Mittal’s group acquiring a majority stake for $1.65 billion. The Somani group emphasized their readiness to close the deal and denied facing funding issues. The decision was reportedly influenced by issues with the consortium’s documentation, according to a PTI report. The Mittal family will hold 75% of Rajasthan Royals, Poonawalla 18%, and approved existing investors will retain the remaining 7%. The restructured board will include Lakshmi N. Mittal, Aditya Mittal, Vanisha Mittal-Bhatia, Adar Poonawalla, and Manoj Badale. The consortium emphasized the importance of transparency, consistency, and integrity in significant processes like this bidding.
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