‘Deeply disappointed not to be part of RR ownership’: Kal Somani group

'Deeply disappointed not to be part of RR ownership': Kal Somani group

The Kal Somani group, which was close to acquiring Rajasthan Royals, has formally reacted to the takeover by the Lakshmi Mittal-led consortium, flagging issues of honesty, integrity, professionalism, transparency and level playing field.

"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. 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," they said.

The Somani consortium had reportedly locked the deal at $1.63 billion before it fell through, with the Lakshmi Mittal-led group eventually acquiring the IPL team for Rs 1.65 billion. "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 four American investors denied speculation about funding concerns, stating that funding was never a problem. "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."

They also emphasised the lack of a level playing field. "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 signed off stating they will look for future opportunities in the IPL. "We look forward to channeling that energy into future opportunities where we can deploy our capital, expertise, and long-term commitment. We wish the Rajasthan Royals success going forward."