The ownership change of Rajasthan Royals (RR) may have been announced, but the matter seems far from closed. A consortium led by Lakshmi N Mittal, Aditya Mittal, and Adar Poonawalla announced on Sunday that they had reached a definitive agreement to acquire the franchise and its sister teams, Paarl Royals and Barbados Royals, in a deal valued at approximately $1.65 billion (Rs 15,660 crore).
A US-based consortium led by Kal Somani, which had been in advanced discussions to acquire the franchise for almost the same price, is now preparing for a potential legal challenge after the deal slipped away. According to Cricbuzz, internal discussions have already taken place in the company and with legal and public relations teams in the United States,
and formal action could begin soon.
“We have had calls this morning with legal and PR in the USA. We are deciding on our PR. A legal letter will be sent today,” the report quoted a source as saying, indicating that the group is moving quickly to respond to the situation.
There is also a possibility that the Board of Control for Cricket in India (BCCI) could be drawn into the dispute.
Why did the Kal Somani-Rajasthan Royals deal fall through?
The report said that one of the reasons cited for the Kal Somani deal falling through was the businessman supposedly not honoring a one-month exclusivity period to make the payment.
However, Somani and Co. maintain that it was close to completing the acquisition. Backed by prominent investors such as Rob Walton and the Hamp family, the group insists funding was never a concern.
“With the Walton and Hamp families behind him, money was never an issue,” the report’s source said.
Instead, they allege that delays originated from the franchise’s side, particularly around documentation.
“They slow-dragged it. They continued negotiations in good faith until the last second,” the source added, suggesting that key paperwork remained incomplete even as discussions progressed.
The group also raised several concerns during negotiations. “We had queries such as whether the BCCI dues were paid. We wanted to know the status of legal cases. There were 100s of such questions. From our end we have been ready to close for 10 days. There was deliberate delay and then side dealings.”
Another sticking point was the role of existing lead owner Manoj Badale. While the Somani-led group was not in favour of his continued involvement, the final agreement with the new investors retains him in a key position within the franchise.
With both sides presenting sharply different accounts, the situation now risks escalating further. The consortium is still deciding how openly to address the fallout. “We will discuss it with our group if we are going to go public on the matter since litigation will be involved.”
