Rajasthan Royals Sold To Mittal Family, Poonawalla For USD 1.65 billion
Mittal family acquires Rajasthan Royals after Somani deal collapse
In a major development in franchise cricket, the ownership of Rajasthan Royals is set to change hands after a consortium led by industrialist Lakshmi N. Mittal, his son Aditya Mittal, and vaccine manufacturer Adar Poonawalla agreed to acquire a majority stake in the franchise for USD 1.65 billion (approximately Rs 15,600 crore).
The deal follows the collapse of an earlier agreement involving a consortium led by Kal Somani, along with Rob Walton and Sheila Ford Hamp, which had initially submitted a slightly lower bid of USD 1.63 billion. According to sources, the earlier deal fell through due to funding constraints and issues flagged during the due diligence process, clearing the way for the Mittal-led group to step in.
As per a statement released by the acquiring parties, the transaction values not only the Rajasthan Royals’ Indian Premier League operations but also its associated global franchises, including Paarl Royals in South Africa and Barbados Royals in the Caribbean. The acquisition remains subject to customary closing conditions, including approvals from the Board of Control for Cricket in India (BCCI), the Competition Commission of India (CCI), and the IPL Governing Council, among other regulatory authorities.
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Under the terms of the agreement, the Mittal family is expected to hold approximately 75 per cent of the franchise, while Adar Poonawalla will own around 18 per cent. The remaining 7 per cent stake will stay with existing investors, including current principal owner Manoj Badale, who will continue to play a role in the franchise’s future operations and governance.
The restructured board of Rajasthan Royals will include Lakshmi N. Mittal, Aditya Mittal, Vanisha Mittal-Bhatia, Adar Poonawalla, and Manoj Badale. The deal is expected to be completed in the third quarter of 2026, subject to regulatory clearances. Badale’s continued involvement is expected to provide continuity, bridging the franchise’s past leadership with its new ownership structure.
Reacting to the development, Lakshmi Mittal highlighted his personal connection to both cricket and Rajasthan, calling the franchise a natural fit. Aditya Mittal emphasised the Royals’ legacy of nurturing young talent, while Adar Poonawalla described the team as a premier IPL franchise with strong growth potential. The acquisition marks one of the most significant investments in IPL history, underscoring the league’s growing global valuation and commercial appeal.
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