The consortium led by US-based investor Kal Somani expressed disappointment after failing to acquire ownership of IPL franchise Rajasthan Royals. Despite offering a bid of USD 1.63 billion, the Royals were acquired by the Mittal Family and Adar Poonawalla for approximately USD 1.65 billion. The Somani-led consortium, with investors experienced in various sports leagues, including select global superstars, worked tirelessly throughout the six-month process. They were confident in their bid and had documentation in place for the acquisition.
The consortium called for more transparency and integrity in the acquisition process, expressing their belief that the outcome did not reflect a level playing field. Despite the disappointment, they remain proud of their partners and look forward to future opportunities. Rajasthan Royals, the inaugural IPL champions in 2008, is the second franchise to be acquired this year after Royal Challengers Bengaluru. The consortium thanked everyone who supported them throughout the journey and wished the Royals success in the future.
The statement was released on Tuesday, with the consortium expressing their commitment to the global growth of sports and their readiness to invest in future opportunities. They acknowledged the surprise and disappointment of the outcome but remained optimistic about their future endeavors. The consortium concluded by thanking all those involved in the process and expressing their best wishes to the Rajasthan Royals under new ownership.
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