The bid for a majority stake in the Rajasthan Royals has shifted dramatically as the Kal Somani-led consortium has pulled out, allowing a new group led by Lakshmi N. Mittal and Adar Poonawalla to step in with a ₹15,600 crore (approximately $1.65 billion USD) offer. The breakdown of negotiations stemmed from a disagreement regarding the ownership structure, specifically, lead promoter Manoj Badale's desire to retain a 7 percent stake in the franchise post-sale, which the Somani group opposed. Additionally, the Somani bid encountered challenges during the due diligence process, raising concerns that contributed to its withdrawal. The Mittal-Poonawalla group’s bid not only covers the Rajasthan Royals but also includes its sister teams, the Paarl Royals and Barbados Royals. The acquisition is now subject to approvals from the Board of Control for Cricket in India (BCCI), the Competition Commission of India, and the IPL Governing Council, with the deal expected to close in the third quarter of 2026 if all approvals are granted.