Renowned industrialist Lakshmi N. Mittal, together with his son Aditya Mittal, has moved to take control of the Rajasthan Royals, teaming up with Adar Poonawalla after a separate consortium led by Kal Somani exited the bidding process. The acquisition, valued at USD 1.65 billion—roughly Rs 15,600 crore—will include not just the IPL franchise but also the group’s associated overseas entities: Paarl Royals and Barbados Royals.
Major stake secured and deal terms
- Lakshmi N. Mittal and Aditya Mittal, in partnership with Adar Poonawalla, have secured a majority holding in Rajasthan Royals with a bid of USD 1.65 billion (about Rs 15,600 crore) after the Kal Somani–Rob Walton–Sheila Ford Hamp consortium withdrew.
- The stated consideration of USD 1.65 billion corresponds to the enterprise value of the Rajasthan Royals men’s franchise, along with Paarl Royals and Barbados Royals.
- Closing of the transaction is scheduled to be subject to standard completion conditions, including necessary approvals from the BCCI, the CCI, the IPL Governing Council, and other relevant regulatory bodies.
- Industry expectations place the finalisation of the deal in the third quarter (Q3) of 2026.
Earlier, the Somani-led consortium had reportedly tabled an offer of USD 1.63 billion. However, the bid did not clear diligence checks due to multiple concerns, paving the way for a new ownership path.
Ownership structure and board reshuffle
A definitive agreement has been reached for the acquisition of Rajasthan Royals from Manoj Badale and his consortium, with the Mittal family confirming the development via a formal announcement. Under the new arrangement, the Mittal family is set to hold approximately 75 per cent of Rajasthan Royals, while Adar Poonawalla will hold around 18 per cent.
The remaining balance—roughly 7 per cent—will be retained by approved existing investors, including Manoj Badale. The reworked franchise board is expected to feature Lakshmi N. Mittal, Aditya Mittal, Vanisha Mittal-Bhatia, Adar Poonawalla, and Badale.
Badale is set to remain involved to “bridge the past and the present”, bringing his cricket experience to the franchise as the ownership transitions into its next phase.
Franchise footprint beyond India
Rajasthan Royals’ ownership extends far beyond the Indian Premier League. The group also includes Paarl Royals, based in South Africa, and Barbados Royals, in the Caribbean—making the investment part of a wider international cricket ecosystem.
Statements from the new ownership group
Lakshmi N. Mittal, who was born in Sadulpur in northern Rajasthan, said he has a deep personal connection to the game and to the region. “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 Royals’ reputation for spotting and developing fresh talent, adding that the family aims to preserve that approach. “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 of talent in the world for future success,” he said. He also thanked the broader cricketing and fan community. “I want to thank everyone who has helped build the Rajasthan Royals into a global sporting institution—the players, coaches, leadership team, and above all the fans.”
Adar Poonawalla, who had earlier been linked with a bid for RCB, welcomed the partnership with Aditya Mittal. “I am delighted to partner with Aditya Mittal on this investment. Rajasthan Royals is a premier IPL franchise with a strong legacy, and I look forward to supporting its continued growth and long-term success,” he said.
Manoj Badale, who will continue on the decision-making board, expressed optimism about the next chapter. “We are delighted to welcome the Mittal Family and Adar Poonawalla as the new owners of the Rajasthan Royals. Their passion for cricket, their connection to Rajasthan and India, and their long-term ambition for the franchise make them ideal custodians of the next chapter,” he said.
