The final agreement sets the new enterprise value of the Rajasthan Royals at around $1.65 billion (Rs 15,660 crore). The Mittal family will hold a 75 percent majority stake, Adar Poonawalla will own 18 percent, while existing shareholders, including founder Manoj Badale, will retain the remaining seven percent.
Rajasthan Royals $1.65B deal finalised with Mittal family and Adar PoonawallaKal Somani-led consortium preparing legal actionDispute over delays and bad-faith negotiationsPC: X
“We have had calls this morning with legal and PR in the USA. We are deciding on our PR. A legal letter will be sent today," the report quoted a source as saying.
Earlier reports on March 24, Kal Somani won a bid with prominent investors, including Walmart heir Rob Walton, owner of the NFL's Denver Broncos, and Sheila Ford Hamp, owner of the NFL's Detroit Lions. There is also a strong chance that the BCCI could become directly involved in this dispute.
Consortium Accuses Rajasthan Royals of Delays and Bad-Faith Talks in Failed Deal
The consortium accused the Rajasthan Royals management of dragging the documentation process while holding side negotiations in bad faith. The report added that the group had hundreds of queries about unpaid dues and ongoing legal cases and had been ready to complete the deal for over a week.
"We had queries such as whether the BCCI dues were paid. We wanted to know the status of legal cases. There were 100s of such questions. From our end we have been ready to close for 10 days. There was deliberate delay and then side dealings."
Somani Group Denies Funding Issues, Opposes Manoj Badale's Role in Rajasthan Royals Deal
The Somani-led group dismissed claims that funding issues blocked the deal. The report added that strong backing from the Walton and Hamp families ensured enough capital for the billion-dollar transaction.
Another key issue in talks was the future role of existing lead owner Manoj Badale. The Somani group opposed keeping him, while the final deal with the Mittal investors kept Badale in an important role to support the franchise with his experience.
FAQ
Why is Rajasthan Royals’ deal facing trouble?Due to a potential legal challenge from the Kal Somani-led consortium after their bid collapsed.Who is buying Rajasthan Royals?A consortium led by Lakshmi Mittal, Aditya Mittal, and Adar Poonawalla.What is the deal value?Around $1.65 billion.Also read: Manoj Tiwary defends Hardik Pandya, blames MI players after CSK loss in IPL 2026
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