It is "both surprising and disappointing" to see the deal go to another consortium led by Indian-origin businessman Lakshmi Mittal, according to the group of well-known American sports investors that made the highest bid to acquire Rajasthan Royals (RR) and the franchise's other teams, Paarl Royals in the SA20 and Barbados Royals in the CPL, in March.
It was revealed on Sunday that Mittal and another well-known Indian billionaire, Adar Poonawalla, had purchased the Royals franchise for US$1.65 billion (about INR 15,660 crore), surpassing the $1.635 billion offer from the American investors.

It is "both surprising and disappointing" to see the deal go to another consortium led by Indian-origin businessman Lakshmi Mittal, according to the group of well-known American sports investors that made the highest bid to acquire Rajasthan Royals (RR) and the franchise's other teams, Paarl Royals in the SA20 and Barbados Royals in the CPL, in March.
It was revealed on Sunday that Mittal and another well-known Indian billionaire, Adar Poonawalla, had purchased the Royals franchise for US$1.65 billion (about INR 15,660 crore), surpassing the $1.635 billion offer from the American investors."We are deeply disappointed not to be part of the Rajasthan Royals ownership group, following a long six-month process in which we were the lead bid from start to finish," the consortium stated in the statement. "Our consortium put in a lot of effort to put together a prestigious collection of investors with ownership experience in the NFL, MLB, EPL, La Liga, and TGL. A few international superstars from the highest levels of professional sports were part of the group. The chance to help propel the IPL to new heights on a global scale inspired us all.

It is believed that the Royals board made the ultimate decision during the weekend of May 2-3.
It is believed that Somani, who joined the current Royals board in 2021 after becoming an investor, abstained from the board meeting since he was a buyer. It is believed that in order to settle the terms, his consortium met with Manoj Badale, the current major owner of the Royals, in London.
It's unclear why the Royals board chose one group over another. On May 3, ESPNcricinfo asked Badale to explain the situation, but he hasn't replied.The Somani-led group denied rumours that it lacked funding and had "withdrawn" its candidacy.
"Throughout the process, we were the strongest group at every stage, competing against some of the most prominent investors across the sports investing landscape," the statement stated. "Our group was and has always been fully funded, ready to close with confidence, and never retracted our proposal, despite rumours that have been spread in the media. After completing the necessary paperwork, we were informed that our consortium would be approved at the franchise's board meeting on Saturday. Ultimately, this was never the case."We approached this process with the utmost professionalism, honesty, integrity, and good will, but sadly that was insufficient. It is challenging to connect the quality of our bid and our readiness to close with the final decision, and we do not think the conclusion ultimately represented a level playing field."
While praising "competitive outcomes," the Somani-led consortium added that "while this outcome is both surprising and disappointing, we view this experience as part of a broader journey" and that "processes of this significance should be conducted with transparency, consistency, integrity, and in good faith."

The new Royals board is anticipated to take effect in the third quarter of 2026 after the necessary approvals, including those from the BCCI, are obtained. Mittal, his son Aditya, daughter Vanisha Mittal-Bhatia, Poonawalla, and Badale, who owns a minority stake, will head the new board.