This was the second time this year that the Rajasthan Royals were reported to have been sold to a different group of owners.
CEO of Serum Institute, Adar Poonawalla, held 18% stake in the new deal while RR's current owner, Manoj Badale, led a group of investors who held the remaining 7%.
All deals like this have to be ratified by both the Competition Commission of India and the BCCI.
The Kal Somani-led consortium
Somani's consortium contained Rob Walton of the Walmart family and Michael Hamp of the Ford Hamp family. Both Walton and Hamp own franchises in the NFL (National Football League) in the USA.
Reports had also suggested that this consortium backed out of the Rajasthan Royals deal because they couldn't raise the necessary funds on time. Now, they have refuted those claims.
"We do not believe the playing field was level" - Somani's consortium on their Rajasthan Royals exit
Somani, Jordan, and Hamp issued a joint statement representing the consortium. In that statement, they claimed that the reports of them being unable to raise the funds are false and were planted in the press.
“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,” the statement said.
“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 being held to approve our consortium. In the end, this was not the case. We approached this process with the highest standards of honesty, integrity, professionalism and in good faith, but unfortunately that wasn’t enough."
“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.
?BREAKING and EXCLUSIVE "We were wronged." - The US-based Kal Somani consortium claims they were sidelined in the $1.65B deal of #RajasthanRoyals to the Mittal family.- Deny pulling out of the race- Claim they were fully funded from the start- Cite a lack of transparency… pic.twitter.com/n665RvtugY
— RevSportz Global (@RevSportzGlobal) May 5, 2026Hence then, the article about rajasthan royals 1 65b deal turns ugly as kal somani group claims they were cheated out was published today ( ) and is available on cricketaddictor ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
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