Rajasthan Royals deal set to move to court as Kal Somani-led consortium planning legal action

The Kal Somani-led consortium, which was earlier close to buying Rajasthan Royals, is planning legal action against the franchise over their new deal with Lakshmi Mittal and Adar Poonawala.

New Delhi: Lakshmi M Mittal, the UK-based Indian business tycoon, on Sunday announced the acquisition of the Indian Premier League (IPL) franchise Rajasthan Royals, confirming that a definitive agreement has been reached for the sale of the team. In a statement, the Mittal family confirmed that a consortium led by them, consisting of Adar Poonawala of the Serum Institute of India and RR’s current lead-owner Manoj Badale, is set to acquire the IPL 2008 champions in a deal worth $1.65 billion (Rs 15, 660 crore approximately).

However, the deal seems far from over the line. The Kal Somani-led consortium, which was earlier in talks to take over RR and had agreed a deal to buy the IPL team, is reportedly planning legal action against the current owners of the franchise. The Somani-led consortium was close to finalising a $1.63 million takeover of the franchise, but the deal fell through.

The........

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