Rajasthan Royals have reportedly entered a major ownership reshuffle, with Indian billionaire business figure Laxmi Mittal set to buy the franchise along with fellow prominent businessman Aadar Poonawala in a deal valued at US$1.65 billion. The Mittal family, together with Poonawala, will form part of a consortium that also includes Manoj Badale, who currently holds the role of principal owner of the Royals.
The transaction is understood to cover more than just the IPL team. It also includes stakes in Paarl Royals and Barbados Tridents, the two South African and Caribbean franchises that operate under the Royals branding in the SA20 and CPL respectively.
In a joint statement released by the parties involved on Sunday, the acquisition was described as having reached a definitive stage. The statement said the Mittal family has “reached” a “definitive agreement to acquire” the full Rajasthan Royals franchise portfolio from Badale and his consortium.
It further outlined the planned post-deal ownership split: after the process is completed, the Mittal Family will control roughly 75% of Rajasthan Royals, while Poonawala is expected to hold about 18%. The remaining portion—around 7%—will be retained by approved existing investors, with Badale included among those investors.
