Lakshmi Mittal, the UK-based steel industrialist born in India, has revealed that he is set to take over the Rajasthan Royals franchise in the IPL. A definitive purchase arrangement has been signed for the Jaipur-based team, one of the eight original franchises that began the league in 2008.
Quick facts
- Lakshmi Mittal has announced the acquisition of the Rajasthan Royals franchise.
- The deal is described as a definitive agreement to buy the Jaipur franchise.
- The purchase price is stated as $1.65 billion, or Rs 15,660 crore in INR at the current exchange rate.
- Adar Poonawalla of Serum Institute of India (SII) and current lead-owner Manoj Badale are part of the acquiring consortium.
- Mittal Family will be lead owners with control: about 75% stake.
- Adar Poonawalla is set to hold 18%.
- Existing investors will retain 7%, including Manoj Badale.
- Completion is expected in Q3 2026, subject to customary approvals.
- The acquisition also covers RR’s subsidiaries in South Africa and the Caribbean: Paarl Royals and Barbados Royals.
The announcement has caught many by surprise. Earlier, a consortium led by Kal Somani—joined by Rob Walton from Walmart and the Hamp families from Ford—had been announced as the new ownership group for the Royals, the franchise that lifted the IPL title in the inaugural season.
Ownership structure and leadership
Under the new arrangement, the Mittal Family will hold roughly three-quarters of the franchise, giving them the controlling position. Adar Poonawalla is earmarked to own 18%, while the remaining 7% stays with current investors, including Manoj Badale, who had previously been the lead owner.
Badale is expected to remain involved with the team. The consortium said he will continue to support Rajasthan Royals, acting as a link between the franchise’s past and present while contributing his cricket knowledge and experience to the next phase.
For the Royals’ ongoing run, the team is described as performing well in IPL 2026 and pushing toward the playoffs. Their teen sensation, Vaibhav Sooryavanshi, is highlighted as a standout figure as the franchise chases a late-season surge.
Regulatory steps and timeline
The consortium statement made clear that the acquisition is not immediate. Completion will depend on standard closing requirements, including approvals from the BCCI, the CCI, the IPL Governing Council, and other relevant regulatory bodies.
The group also expects the transaction to be concluded in the third quarter of 2026. Alongside those named, Aditya Mittal and Mrs Vanisha Mittal-Bhatia are also listed as part of the acquiring consortium.
Beyond the main franchise, the deal covers Rajasthan Royals’ international subsidiaries in South Africa and the Caribbean. Those entities are Paarl Royals and Barbados Royals.
Mittal’s Rajasthan connection
The Mittal family’s ties to Rajasthan are emphasised in the announcement. Lakshmi Mittal was born and raised in Sadulpur, a village in North Rajasthan, and he said the Royals are the only IPL team he would rather be part of.
He added that he began playing cricket as a schoolboy and has remained a passionate follower since then. Mittal also referenced how many great players have worn the Rajasthan Royals colours, including Indian cricket figures who have inspired the next generation, and he expressed excitement about joining fans on the pitch to cheer for the franchise’s future success.
Adar Poonawalla welcomed the partnership with Aditya Mittal, describing the Royals as a premier IPL franchise with a strong legacy and expressing confidence in continued growth and long-term success.
Badale, in his remarks, said the consortium is delighted to welcome the Mittal Family and Adar Poonawalla as the team’s new owners. He pointed to their cricket passion, their links to Rajasthan and India, and their long-term vision for the franchise as reasons they are seen as ideal custodians for the next chapter, while also looking forward to working alongside them to support the team and its devoted fanbase.
Advisers and transaction roles
Legal and financial roles were also detailed. The buyer consortium was advised by Latham & Watkins LLP, Cyril Amarchand Mangaldas and Trilegal as legal counsel, Goldman Sachs as financial adviser, and Price Waterhouse & Co LLP as tax adviser.
On the seller side, Raine managed the sale process and served as commercial adviser to the previous ownership group. Deloitte acted as financial adviser, EY as tax adviser, and Macfarlanes LLP along with AZB Partners as legal counsel.
More to follow
