Rajasthan Royals: The deal that looked done — until it wasn’t

The Rajasthan Royals ownership deal became one of the biggest sports business stories of 2026 after a high-profile acquisition attempt by the Kal Somani-led consortium collapsed despite strong momentum and global investor backing. Although the original bid appeared close to completion, reports suggest the consortium struggled to provide fully committed and immediately accessible funding during a critical stage of the transaction. That opened the door for a competing group led by Lakshmi Mittal, his family, and Adar Poonawalla to step in with a more stable and execution-ready offer valued at $1.65 billion. Industry observers say the final outcome highlighted how billion-dollar deals are often decided less by headline valuations and more by certainty, investor confidence, legal preparedness, and operational continuity. The Mittal-Poonawalla consortium reportedly reassured sellers with strong balance sheets, regulatory familiarity, and a smoother ownership structure that retained existing stakeholder Manoj Badale as a minority investor. The sale also unfolded amid ongoing shareholder disputes involving former co-owner Raj Kundra, adding further legal complexity to the transaction. Beyond cricket, the deal reflected the growing transformation of IPL franchises into global entertainment and investment assets attracting billionaires, private equity firms, and multinational business interests.