is part of the majority. Rajasthan Royals Industrialist Lakshmi N. Mittal, was acquired by her son Aditya Mittal. Generous Punawala In a deal worth US$1.65 billion. The transaction represents the enterprise value of the Royals men’s franchise as well as the respective teams Pearl Royals and Barbados Royals. The agreement is subject to customary closing conditions, including BCCI, CCI, approval IPL Governing Council and other regulatory authorities. It is expected to be completed in the third quarter of 2026.A consortium of Kal Somani, Rob Walton, and Sheila Ford was all set to acquire Hemp’s stake, but as TOI reported earlier, the group could not raise the required capital. Regulatory complexities within the consortium structure eventually paved the way for the Mittal family to step in. On Tuesday, the Somani-led consortium issued an official statement saying it remained in contention till the end.“Our consortium worked tirelessly to assemble a distinguished group of investors, with ownership experience in the NFL, MLB, EPL, La Liga and TGL. The group included hand-picked global superstars from professional sports. We were all excited by the opportunity to help take the IPL to new international heights,” the statement read.Here is the full official statement from Kal Somani, Rob and Jordan Walton, and Michael Hamp:“We are very disappointed not to be part of the Rajasthan Royals ownership group, after a six-month long process in which we were at the forefront from start to finish.Our consortium worked tirelessly to assemble a distinguished group of investors with ownership experience in the NFL, MLB, EPL, La Liga and TGL. The group was selected from top-level global superstars of professional sports. We are all excited by the opportunity to help take the IPL to new international heights.Throughout the process, we were the strongest group at every stage, competing against some of the most prominent investors in the sports investing landscape.Contrary to stories planted in the press, our group was always fully funded, prepared to close with confidence, and never backed out of its bid. We had executed the documents in place and were informed that the franchise board meeting was held on Saturday to approve our consortium. In the end it never happened. We approached the process with honesty, integrity, professionalism and good faith, but unfortunately it was not enough.We do not believe the outcome ultimately reflects a level playing field, and it is difficult to reconcile our bid strength and preparation for closing with a final decision. While we respect competitive outcomes, we also believe that a process of this importance must be conducted with transparency, consistency, integrity and good faith.Although this result is surprising and disappointing, we see this experience as part of a wider journey. We are proud of the partners we work with, the speed at which we are able to execute, and the shared vision that unites us.Our belief in the global growth of the game is as strong as ever. We look forward to channeling this energy into future opportunities where we can leverage our capital, expertise and long-term commitment.We wish Rajasthan Royals every success and thank everyone who has been an integral part of the journey with us.
