Mittal Family Acquires Majority Stake in Rajasthan Royals in $1.65bn Deal
2 hours ago
Indian Premier League franchise Rajasthan Royals is set for a major ownership transition after industrialist Lakshmi N. Mittal and his son Aditya Mittal, in partnership with Adar Poonawalla, agreed to acquire a majority stake in the franchise in a deal valued at USD 1.65 billion (approximately ₹15,600 crore).
The acquisition follows the collapse of an earlier proposed deal involving a consortium led by Kal Somani, alongside Rob Walton and Sheila Ford Hamp. The consortium had reportedly submitted a bid of USD 1.63 billion, but the transaction did not proceed after funding and due diligence challenges.
According to a statement issued by the Mittal family, a definitive agreement has now been reached to acquire the franchise from Manoj Badale and the existing ownership consortium.
The transaction includes not only the Rajasthan Royals men’s IPL franchise, but also the wider Royals sports portfolio, including Paarl Royals in South Africa and Barbados Royals in the Caribbean.
Under the new ownership structure, the Mittal family will hold approximately 75% of the franchise, while Poonawalla will own around 18%. The remaining 7% will stay with approved existing investors, including Badale.
The restructured board is expected to include Lakshmi Mittal, Aditya Mittal, Vanisha Mittal-Bhatia, Adar Poonawalla, and Manoj Badale, with Badale continuing in a strategic role to support continuity and governance.
Completion of the transaction remains subject to customary approvals from the Board of Control for Cricket in India, the Competition Commission of India, the IPL Governing Council, and other relevant regulatory bodies. The deal is expected to close in the third quarter of 2026.
Lakshmi Mittal, whose family roots are in Rajasthan, said his emotional connection to the state made the franchise a natural fit.
“I love cricket and my family is from Rajasthan, so there is no IPL team that I would rather be part of than the Rajasthan Royals,” he said.
Aditya Mittal highlighted the franchise’s reputation for nurturing talent as a key factor behind the acquisition.
“The Royals is well known for developing new talent — that resonates deeply with me, and we are determined that legacy will continue, harnessing the best talent in the world for future success,” he said.
Poonawalla, who had previously shown interest in acquiring Royal Challengers Bengaluru, described Rajasthan Royals as a “premier IPL franchise with a strong legacy.”
The transaction marks another milestone in the rapidly rising valuation of IPL franchises, underlining the league’s growing attractiveness to global investors and business leaders. With a diversified multi-team ownership model spanning India, South Africa, and the Caribbean, Rajasthan Royals has evolved into a significant global cricket property beyond its original IPL footprint.
