Mittal Family and Adar Poonawalla to Acquire Rajasthan Royals in $1.65 Billion Deal

New Delhi, May 2026 : In a landmark development in the world of franchise cricket, steel magnate Lakshmi N. Mittal and his son Aditya Mittal have announced a definitive agreement to acquire a controlling stake in the Rajasthan Royals, in partnership with Adar Poonawalla. The acquisition will see them purchase the franchise from Manoj Badale and his consortium.

Following the completion of the transaction, the Mittal Family is expected to hold approximately 75 per cent ownership in the franchise, while Adar Poonawalla will own around 18 per cent. The remaining 7 per cent stake will be retained by select existing investors, including Manoj Badale, who will continue to be associated with the team in an advisory capacity.

The deal, valued at approximately USD 1.65 billion, includes not only the Rajasthan Royals’ Indian Premier League (IPL) team but also its associated franchises—Paarl Royals in South Africa and Barbados Royals in the Caribbean. This valuation reflects the growing global appeal and commercial strength of the Indian Premier League.

Sources indicate that an earlier bid by a consortium led by Kal Somani had fallen through due to funding constraints, paving the way for the Mittal-led acquisition. The transaction is subject to customary approvals from governing bodies, including the Board of Control for Cricket in India (BCCI), the Competition Commission of India (CCI), and the IPL Governing Council. The deal is expected to be completed by the third quarter of 2026.

Expressing his enthusiasm, Lakshmi N. Mittal said his personal connection to Rajasthan and passion for cricket made the Rajasthan Royals a natural choice. He highlighted the team’s rich legacy and its association with some of India’s most iconic cricketers, adding that he looks forward to contributing to its future success and engaging with fans.

Aditya Mittal emphasized the IPL’s rapid rise as one of the world’s leading sporting leagues and described Rajasthan Royals as one of its most iconic teams. He noted the franchise’s strong tradition of nurturing young talent and affirmed his commitment to continuing that legacy while strengthening the team’s global competitiveness.

Vanisha Mittal-Bhatia also expressed pride in being part of the venture, stating that the family’s love for sport and India makes this investment both an honour and a privilege.

Adar Poonawalla, meanwhile, said he was delighted to partner with the Mittal family in the acquisition. He described Rajasthan Royals as a premier franchise with a strong foundation and expressed confidence in its long-term growth and success.

Manoj Badale, who has been associated with the franchise since its inception, called it a “privilege of a lifetime” to have helped build the team. He thanked fans, players, and management for their contributions and welcomed the new ownership group, expressing optimism about the franchise’s future.

The acquisition marks one of the most significant ownership changes in IPL history, underscoring the league’s immense commercial value and global influence.