‘Deeply disappointed’: Khar Somani-led consortium reacts to Rajasthan Royals sale

majority stake rajasthan royals Acquired by industrialist Lakshmi N. Mittal and his son Aditya Mittal Adar Poonawalla The deal is worth $1.65 billion. The deal represents the enterprise value of the Royals men’s team and associated teams Paarl Royals and Barbados Royals. The transaction still needs to meet customary closing conditions, including BCCI, CCI, intense pulsed light Board of Governors and other regulatory bodies. Completion is expected in the third quarter of 2026.A consortium consisting of Kal Somani, Rob Walton and Sheila Ford Hamp was slated to acquire the stake, but as The Times of India reported earlier, the group was unable to raise the required funds. Regulatory complexities within the consortium structure ultimately paved the way for the Mittal family to become involved. On Tuesday, the consortium led by Carl Somani issued an official statement claiming that it remained in contention until the end.The statement read: “Our syndicate has worked tirelessly to assemble an outstanding team of investors with ownership experience in the NFL, MLB, EPL, La Liga and TGL. The team includes a select group of global superstars from the top tiers of professional sports. We are all motivated by the opportunity to help take the IPL to new international heights.”Here are the full official statements from Carl Somani, Rob and Jordan Walton, and Michael Hamp:“We are deeply disappointed not to be part of the Rajasthan Royals ownership group, having been the lead investor throughout the six-month process.Our syndicate has worked tirelessly to assemble a distinguished group of investors with ownership experience in the NFL, MLB, EPL, La Liga and TGL. The group includes a selection of global superstars from the top tiers of professional sports. We all have the opportunity to help the IPL reach new international heights.Throughout the process, we were the strongest team at every stage, competing against some of the most reputable investors in sports investing.Contrary to stories reported in the media, our team has always been fully funded, prepared to close with certainty, and has never withdrawn our bid. We have executed the appropriate documentation and have been informed of the Franchise Board meeting on Saturday to approve our consortium. But in the end that was not the case. We approached this process with the highest standards of honesty, integrity, professionalism and sincerity, but unfortunately this was not enough.We do not believe the results ultimately reflect a level playing field, and it will be difficult to reconcile the strength of our bid with the readiness for a final decision. While we respect the outcome of the competition, we also believe that a process of this importance should be conducted with transparency, consistency, integrity and good faith.While this outcome was both surprising and disappointing, we view this experience as part of a broader journey. We remain proud of the partners we work with, the speed with which we execute, and the shared vision that unites us.Our belief in the development of global sports remains as strong as ever. We look forward to transforming this energy into future opportunities where we can deploy our capital, expertise and long-term commitment.We wish Rajasthan Royals success and thank all the key players who have been on this journey with us. “