A consortium led by Lakshmi N. Mittal, Aditya Mittal and Adar Poonawala has struck a deal to buy the Indian Premier League franchise Rajasthan Royals along with its related teams, Paarl Royals and Barbados Royals, for roughly $1.65 billion, with a formal announcement expected shortly.
Key takeaways
- The acquisition covers the Rajasthan Royals franchise plus sister entities Paarl Royals and Barbados Royals.
- The reported overall valuation is about $1.65 billion, with a press release expected soon.
- After regulatory clearances, the Mittal family is set to hold around 75% of the franchise, Poonawala about 18%, and existing investors roughly 7%.
- The transaction is expected to be wrapped up in the third quarter of 2026.
- Board representation will include key figures from the consortium, alongside current owner Manoj Badale.
Ownership split after regulatory approvals
The planned ownership arrangement is understood to come into effect following the completion of regulatory procedures, including approvals from the BCCI, the Competition Commission of India (CCI), and the IPL Governing Council. Under the proposed structure, the Mittal Family would control approximately three-quarters of the Rajasthan Royals franchise, while Adar Poonawala’s stake is expected to be around 18%.
Approximately 7% is expected to remain with current investors. This includes Manoj Badale, who currently owns the franchise through Emerging Media Ventures.
Consortium leaders and board appointments
Several prominent individuals from the consortium are expected to join the franchise’s board. These include ArcelorMittal chairman Lakshmi N. Mittal, CEO Aditya Mittal, and Non-Independent Director Vanisha Mittal-Bhatia. From the medical and industrial sector, Adar Poonawalla, CEO of the Serum Institute of India, is also set to be on the board, along with Manoj Badale.
What happened to the earlier bid
On March 21, a different group led by Kal Somani had emerged as the frontrunner to take over the franchise for $1.63 billion (about £1.2 billion). However, that proposed takeover stalled after it failed to secure the necessary funds, faced regulatory uncertainties, and encountered complications related to the consortium’s buyer structure for the IPL franchise.
The Somani-backed consortium included American businessman Rob Walton from the Walmart family and the Hamp family, which already holds majority stakes in the NFL’s Detroit Lions. Sheila Ford Hamp was also listed as part of the Ford family interests that have a significant holding in Ford Motor Company.
Current ownership and timeline for completion
Rajasthan Royals are currently owned by Manoj Badale’s Emerging Media Ventures, which holds a 65% share of the franchise. Minority investors include RedBird Capital Partners, an American investment management firm, with an estimated 15% stake, along with Lachlan Murdoch of Fox Corporation and other investors.
The new deal is expected to close in the third quarter of 2026, after all required approvals are obtained.
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