The Kal Somani group, which was close to buying Rajasthan Royals before it was acquired by the Lakshmi Mittal-led consortium, has formally reacted to the ownership transfer, flagging issues of honesty, integrity, professionalism, transparency and a level playing field. "Unfortunately, that wasn't enough," a joint statement issued by Kal Somani, Rob Walton, Jordan Walton and Michael Hamp said on Tuesday.Cricbuzz was the first to report that the Somani group was preparing a statement.

"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. Our consortium worked tirelessly to assemble a distinguished group of investors, with ownership experience across the NFL, MLB, EPL, La Liga and TGL. Included in the group were select global superstars from the top tiers of professional sports. We were all motivated by the opportunity to help take the IPL to new international heights," the joint statement read.

The Somani consortium had reportedly locked in a $1.63 billion buyout before the deal fell through, with the Mittal-led group - also including Adar Poonawalla - eventually acquiring the IPL franchise for $1.65 billion (Rs 15,660 crore). "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 whispers in the industry centred on funding concerns around the Somani group, but the four American investors denied the speculation, stating that capital was never a problem. "Contrary to stories that have been planted in the press, our group was and has always been fully funded, prepared to close with certainty, and never withdrew our bid.

"We had executed documentation in place and were told that the franchise's board meeting on Saturday was held to approve our consortium. In the end this was never the case. We approached this process with the highest standards of honesty, integrity, professionalism and in good faith, but unfortunately that wasn't enough."

They also emphasised the lack of a level playing field in the process. "We do not believe the outcome ultimately reflected a level playing field, and it is difficult to reconcile the strength of our bid and preparedness to close with the final decision. While we respect competitive outcomes, we also believe that processes of this significance should be conducted with transparency, consistency, integrity and in good faith.

"While this outcome is both surprising and disappointing, we view this experience as part of a broader journey. We remain proud of the partners with whom we work, the speed at which we are able to execute, and the shared vision that unites us."

They signed off stating they will look for future opportunities in the Sky exchange. "Our belief in the global growth of sport remains as strong as ever. We look forward to channeling that energy into future opportunities where we can deploy our capital, expertise, and long-term commitment. We wish the Rajasthan Royals success going forward and thank all those who were a key part of the journey alongside us."