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Rajasthan Royals in action during IPL 2026© AFP
The race to buy a majority stake in Rajasthan Royals took a sharp turn over the last 24 hours. The Kal Somani-led consortium withdrew from the process, clearing the way for a fresh bid from Lakshmi N. Mittal, his son Aditya Mittal, and Adar Poonawalla. NDTV has learned that the earlier proposed deal involving the Somani group ran into several hurdles and eventually fell through. One of the main reasons negotiations broke down was a disagreement over the ownership structure. Sources told NDTV that Rajasthan Royals lead promoter Manoj Badale wanted to retain his existing 7 percent stake in the franchise after the sale. The Kal Somani-led consortium was not in favor of that arrangement and preferred a majority takeover without Badale continuing as a shareholder. That difference in approach became a key sticking point.
Questions Raised During Due Diligence
Apart from the shareholding dispute, the Somani-led bid is also understood to have faced issues during the due diligence process. Sources said several concerns came up during scrutiny, which added to the uncertainty around the transaction.
Mittal-Poonawalla Group Moves Ahead
With the Somani consortium stepping aside, a new group led by Lakshmi Mittal, Aditya Mittal and Adar Poonawalla submitted a higher bid of USD 1.65 billion (approximately Rs 15,600 crore). The valuation covers the Rajasthan Royals men’s franchise along with sister teams Paarl Royals and Barbados Royals.
Deal Awaits Key Approvals
The acquisition remains subject to approvals from the Board of Control for Cricket in India (BCCI), the Competition Commission of India, the IPL Governing Council and other relevant authorities. If all approvals come through on time, the deal is expected to close in the third quarter of 2026. The failed Somani bid shows how IPL franchise sales now involve ownership rights, governance structure, regulatory approvals and long-term control are all central to getting a deal done.
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