The Rajasthan Royals sale: five weeks, and a new offer
Last month, word circulated that a consortium led by Kal Somani had secured the Rajasthan Royals for $1.63 billion. No party to the transaction has confirmed it. The lead bidder is still assembling capital, even as a rival consortium submitted a binding offer.
On the afternoon of March 24, a senior journalist with close connections to Indian cricket reported on X that a consortium led by Indian-American entrepreneur Kal Somani had agreed to acquire Rajasthan Royals for $1.63 billion.
Within minutes, the figure was across the sports desks. Newswires picked up the story. Cricinfo identified the Somani group.
Sportico and, in time, The State of Play ran the numbers. RedBird Capital Partners appeared to be sitting on an eightfold return. Lachlan Murdoch stood to receive about $210 million on a stake acquired for $2.3 million in 2008. Siguler Guff, which invested in August 2025, was on course to multiply its money.
Within 72 hours, newsrooms in Mumbai, London, New York and Detroit had published versions of the same account, each attributed to people familiar with the deal. By the second day, “Who is Kal Somani?” had become its own subgenre: profiles reconstructed largely from a LinkedIn page and published before any principal to the transaction had spoken on the record.
Five weeks later, none has.
Manoj Badale, who controls Emerging Media and is the Royals’ lead owner, has kept his counsel. Somani, a shareholder since 2021, has done the same. The Raine Group, adviser on the sale, has remained silent. Rob Walton, the Walmart heir reported to be in the consortium, has not commented. Nor has Sheila Ford Hamp, the Detroit Lions owner named alongside him.
Rajasthan Royals is privately held and not subject to the disclosure rules governing a listed group such as Diageo, which owned the other franchise reported sold on March 24, Royal Challengers Bengaluru (RCB).
Within hours of the RCB announcement, the entities representing the Blitzer-Birla-Times of India Group-Blackstone consortium appeared in a stock-exchange filing. No equivalent disclosure was required for the Royals.
Five weeks on, the reported $1.63 billion transaction remains unconfirmed by its buyer, seller and adviser.
On Thursday, the account began to change.
A rival consortium led by Aditya Mittal, son of steel magnate LN Mittal, submitted a binding offer for the franchise, according to a person with direct knowledge of the matter.
Somani is now pursuing a minority holding rather than control, according to people aware of the negotiations, and one member of his original consortium is no longer fully committed. A decision is expected shortly.
This account draws on conversations with around a dozen investment bankers, lawyers and others with direct or indirect knowledge of the Rajasthan Royals sale. All spoke on condition of anonymity because the process remains confidential.
At the time of publication, Somani, Badale, the Raine Group, RedBird Capital Partners and Rajasthan Royals had not responded to The State of Play’s questions. Aditya Mittal and ArcelorMittal were contacted shortly before publication and had not responded.
