The consortium led by US-based entrepreneur Kal Somani has questioned the transparency of the Rajasthan Royals franchise sale, describing the outcome as 'surprising and disappointing' despite leading the bidding process through multiple stages.

In a statement released on Tuesday, the group expressed dissatisfaction after the franchise was sold to a consortium headed by Indian-origin businessman Lakshmi Narayan Mittal and Adar Poonawalla for US$1.65 billion (approximately INR 15,660 crore). This winning bid narrowly exceeded the Somani consortium’s reported offer of US$1.635 billion.

The consortium, which includes prominent global sports investors with stakes in major leagues such as the NFL, MLB, EPL and La Liga, maintained that it had remained the frontrunner throughout the six-month bidding process. “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,” they said.

“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 group added. “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.”

The Somani-led group also refuted reports that it had withdrawn from the bidding process or lacked financial backing. “Throughout the process, we were the strongest group at every stage, competing against some of the most prominent investors across the sports investing landscape,” 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 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 and preparedness to close with the final decision,” the statement concluded.