In a surprising turn of events that has sent ripples through the IPL ownership landscape, the Kal Somani-led consortium has publicly voiced their "deep disappointment" after being sidelined in the high-stakes acquisition of the Rajasthan Royals. The group, which boasted a star-studded lineup including NFL royalty in Rob Walton (owner of the Denver Broncos) and Michael Hamp (son of Detroit Lions owner Sheila Ford Hamp), had been leading the charge for months before the deal took an unexpected turn.

The dramatic shift came over the weekend when industrialist Lakshmi N. Mittal, alongside his son Aditya and vaccine magnate Adar Poonawalla, secured a majority stake in the franchise at a staggering valuation of $1.65 billion. The deal, which is pending regulatory approval and expected to close in the third quarter of 2026, will see the Mittal family control approximately 75% of the team, with Poonawalla holding 18% and existing investors—including Manoj Badale—retaining the remaining 7%.

For context, this isn't just about one team. The acquisition encompasses the Rajasthan Royals' sister franchises—the Barbados Royals in the Caribbean Premier League and the Paarl Royals in South Africa's SA20—making it a truly global cricket empire.

The Somani consortium, which had emerged as the lead investor group back in March, didn't hold back in their official statement. "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 read. "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."

The consortium's frustration is palpable, especially given their belief that they had the strongest bid at every stage. "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," they emphasized. "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."

This development marks a fascinating chapter in the IPL's ownership saga, where global sports investors are increasingly eyeing cricket's most lucrative franchise. While the Mittal-Poonawalla group now takes the reins, the Somani consortium's disappointment serves as a reminder that in the world of sports ownership, even the most promising bids can fall through at the final hurdle.