Kal Somani-led consortium claims they were squeezed out of Rajasthan Royals sale
Image: X On Sunday, it was confirmed that Rajasthan Royals’ majority ownership would be transferred to Lakshmi N Mittal and Aditya Mittal, in partnership with Adar Poonawalla, as a definitive agreement to acquire the franchise from Manoj Badale and his group was reached. The deal is valued at around $1.65 billion and is expected to be completed by Q3 2026, subject to all approvals. Following completion, the Mittal family will hold a 75% stake, Poonawalla will own 18%, while the remaining shares will stay with existing investors such as Badale. This development comes after reports that a consortium led by Arizona-based tech entrepreneur Kal Somani, also comprising owners of two NFL franchises – Rob Walton (Denver Broncos) and Michael Hamp, son of Sheila Ford Hamp, owner of the Detroit Lions – had pulled out of the race. The US-based consortium made its initial approach six months ago and reportedly submitted a $1.635 billion bid to acquire the IPL franchise in March. Now, the Somani...