In a strongly worded statement, the consortium claimed it was the leading bidder throughout the six-month process and expressed disappointment at being excluded from the final outcome.
“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 statement said, highlighting their global investor network and experience across major sporting leagues including the NFL, MLB, EPL and La Liga.
The group had reportedly valued the franchise deal at around $1.63 billion before it ultimately fell through, with the Mittal-led consortium — which also includes Adar Poonawalla — securing the franchise at approximately $1.65 billion (₹15,660 crore).
Dismissing speculation around financial readiness, the consortium insisted it was fully funded and never withdrew its bid. It further claimed that formal documentation was already in place and that they were informed of an upcoming board meeting expected to approve their proposal.
“Contrary to stories that have been planted in the press, our group was and has always been fully funded… and never withdrew our bid,” the statement added.
The consortium also questioned the integrity of the selection process, suggesting that the outcome did not reflect a level playing field and calling for greater transparency in high-value franchise decisions.
Despite the setback, the group maintained a positive outlook and expressed continued interest in future investment opportunities in the Indian Premier League, while wishing success to the new Rajasthan Royals ownership.
Meanwhile, on the field, Rajasthan Royals are enjoying a strong campaign in Indian Premier League 2026, winning six of their first ten matches and currently sitting fourth in the points table, firmly in the playoff race.
