More than a month after the news came out that a consortium led by Indian American entrepreneur Kal Somani "had acquired Rajasthan Royals for $1.63 billion," the deal, according to a report in the State of Play, is yet to be finalised with at least one of the members of the consortium no longer committed to the agreement, reports DHNS from Bengaluru.

Meanwhile, Aditya Mittal, son of the steel magnate Lakshmi Mittal, has submitted a binding offer for the franchise while Somani is reportedly pursuing a minority position instead of a controlling stake.

According to the report published on Friday, Somani had bid $1.55 billion to enter into an exclusivity agreement with the seller, securing the right to negotiate alone on behalf of his consortium for a fixed period, typically four to eight weeks. The price rose to $1.63 billion after adding five per cent transfer fee for the Board of Control for Cricket in India.

However, Somani's consortium has failed the "show of funds" (the moment when each member of the buying group must demonstrate that its capital is committed and available) which was scheduled for mid-April, the report claimed quoting a source.

The Mittal family, who had bid $1.1 billion in the original round, has now returned with a fresh binding offer with another party with the prospect of acquiring the Royals at a valuation closer to $1.4 billion than to Somani's $1.55 billion mark though the latter has not formally withdrawn from negotiations.