Kal Somani Group Questions Integrity of $1.6 Billion Rajasthan Royals Deal
‘We were wronged’: Kal Somani group cries foul, questions integrity of $1.6B Rajasthan Royals deal to Mittals
Hindustan Times
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The Kal Somani-led consortium has expressed disappointment after losing the bid to acquire the Rajasthan Royals IPL franchise to a group led by Lakshmi N. Mittal for $1.65 billion. They allege a lack of transparency and integrity in the bidding process, denying claims of withdrawal and asserting their bid was fully funded.
- 01Kal Somani-led consortium lost the Rajasthan Royals bid to Lakshmi N. Mittal's group for $1.65 billion.
- 02The consortium claims the bidding process lacked transparency and integrity.
- 03They denied reports of withdrawing from the bidding, asserting they were fully funded.
- 04The Mittal family will hold approximately 75% of the franchise.
- 05Concerns were raised regarding the documentation submitted by the Somani group.
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The Kal Somani-led consortium has publicly criticized the bidding process for the Rajasthan Royals, which was awarded to Lakshmi N. Mittal's group for $1.65 billion (approximately ₹15,600 crore). In a joint statement, Somani, along with Rob Walton and Sheila Ford Hamp, expressed their disappointment, claiming the outcome did not reflect a 'level playing field'. They emphasized that they had been the lead bidders throughout the six-month process and were fully funded, countering speculation about financial issues. The consortium stated they had completed all necessary documentation and were informed that their bid would be approved in a franchise board meeting. However, reports indicated that their documentation faced scrutiny and did not meet the requirements set by existing owners. The new ownership structure will see the Mittal family controlling 75% of the franchise, while Adar Poonawalla will hold around 18%.
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The outcome of this bidding process may affect the future management and strategic direction of the Rajasthan Royals, impacting fans and stakeholders.
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