A cluster of big-name American sports backers reacted with clear frustration following their defeat in the race for the Rajasthan Royals and related franchises worldwide, in cricket news. Back in March, they’d topped the early bidding stages, only to see hopes dissolve by the process's end.

Still, the team changed hands, going to a group headed by Lakshmi Mittal along with Adar Poonawalla, who paid $1.65 billion, beating the American bidder's $1.635 billion by a narrow margin.

Rajasthan Royals ownership battle turns tense as losing bidders raise concerns

In a statement, the US consortium, led by tech entrepreneur Kal Somani and featuring prominent investors like Rob Walton and Michael Hamp, said the final outcome did not reflect a “level-playing field.”

The group claimed it had led the bidding process across four rounds and was fully prepared to close the deal. “We do not believe the outcome ultimately reflected a level-playing field, and it is difficult to reconcile the strength of our bid with the final decision,” the consortium said.

They also dismissed speculation that they had withdrawn or lacked financial backing, insisting their bid remained active and fully funded throughout. According to the statement, the group had even completed documentation and believed the final board meeting was set to approve their ownership.

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Somani, who is already part of the Rajasthan Royals’ existing board, reportedly recused himself from final discussions due to his involvement as a bidder. The consortium had also engaged in detailed discussions with current principal owner Manoj Badale in London during the final stages.

Despite their disappointment, the group maintained that it approached the process with professionalism and integrity, while calling for greater transparency in high-value franchise transactions. “We welcome competitive outcomes, but such processes must be conducted with consistency and good faith,” the statement added.

The reasons behind the Rajasthan Royals board’s final decision remain unclear, with no official clarification offered so far. Once approvals, including from the Board of Control for Cricket in India, are secured, a new board is expected to take charge in the third quarter of 2026. It will include Mittal, his family members, Poonawalla, and Badale, who will retain a minority stake.