Daijiworld Media Network – Mumbai

Mumbai, May 5: The recent takeover of IPL franchise Rajasthan Royals by the Mittal family and Adar Poonawalla has triggered a controversy, with a rival consortium alleging irregularities and lack of transparency in the bidding process.

The acquisition, finalised on May 3, replaced a competing bid led by US-based entrepreneur Kal Somani along with Rob and Jordan Walton and Michael Hamp. The Somani-led consortium, which claimed to have led the race throughout the six-month process, has expressed “deep disappointment” over being excluded at the final stage.

In a statement issued on Tuesday, the group rejected reports suggesting their bid failed due to funding constraints, asserting that they were “fully funded” and had never withdrawn from the process. The consortium maintained that it had completed all necessary documentation and was expecting board approval before the deal was awarded to the rival bidders.

“We were the lead bid from start to finish… fully funded, prepared to close with certainty, and never withdrew our bid,” the statement said, adding that the final decision did not reflect a “level playing field”.

The group also raised concerns over the integrity of the process, stating that transactions of such significance should be conducted with “transparency, consistency and in good faith”. Despite the setback, the consortium said it remains committed to exploring future opportunities in global sports investments.

The Rajasthan Royals’ takeover deal, valued at USD 1.65 billion, marks one of the biggest transactions in IPL history. However, the dispute has raised the possibility of legal challenges that could potentially impact the completion of the acquisition.