RR SALE: Why Kal Somani’s Rs 15,600 crore deal of Rajasthan Royals fall away despite being lead bidder?

Kal Somani reportedly acquired RR or $ 1.63 billion in March 2026.

The sale of Rajasthan Royals (RR) has been amongst the hot topics in Indian Premier League (IPL) 2026. Quite a few big conglomerates were in the race to buy the inaugural champions, and one among them was Kal Somani, who along with Rob and Jordan Walton, and Michael Hamp, was the front-runner to take over the ownership of RR.

There were several reports as well, which claimed that Kal Somani won the bid to acquire the IPL franchise RR for $ 1.63 billion in March 2026, marking a record valuation. However, in a drastic turn of events, the deal didn’t finalise, and it was Mittal family and Adar Poonawalla, who acquired the franchise from Manoj Badale and his group.

Talking about how the deal fall away, Kal Somani along with Rob and Jordan Walton, and Michael Hamp released the official statement, saying that they were disappointed not to be part of RR ownership group.

“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. Included in the group were select global superstars from the top tiers of professional sports. We were all motivated by the opportunity to help take the IPL to new international heights. Throughout the process, we were the strongest group at every stage, competing against some of the most prominent investors across the sports investing landscape.

Contrary to stories that have been planted in the press, our group was and has always been fully funded, prepared to close with certainty, and never withdrew our bid. We had executed documentation in place and were told that the franchise’s board meeting on Saturday was held to approve our consortium. In the end this was never the case. We approached this process with the highest standards of honesty, integrity, professionalism and in good faith, but unfortunately that wasn’t enough.“

We do not believe the outcome ultimately reflected a level playing field, and it is difficult to reconcile the strength of our bid – Kal Somani on not getting to buy RR

The statement further read:

“We do not believe the outcome ultimately reflected a level playing field, and it is difficult to reconcile the strength of our bid and preparedness to close with the final decision. While we respect competitive outcomes, we also believe that processes of this significance should be conducted with transparency, consistency, integrity and in good faith.

“While this outcome is both surprising and disappointing, we view this experience as part of a broader journey. We remain proud of the partners with whom we work, the speed at which we are able to execute, and the shared vision that unites us.

“Our belief in the global growth of sport remains as strong as ever. We look forward to channeling that energy into future opportunities where we can deploy our capital, expertise, and long-term commitment.

“We wish the Rajasthan Royals success going forward and thank all those who were a key part of the journey alongside of us.”

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