The Rajasthan Royals’ ownership change is now formally in place. The franchise—IPL’s inaugural champions—has been acquired by the Mittal Family in association with Adar Poonawalla. Lakshmi N Mittal and Aditya Mittal confirmed on Sunday that a binding agreement has been signed to take over the team, with the deal structured through a partnership involving Poonawalla, the previous owner Manoj Badale, and a consortium. The transaction is valued at roughly USD 1.65 billion.
Under the updated ownership split, the Mittal Family will hold a 75% stake in the Royals, while Poonawalla is set to control about 18%. Badale and other existing investors will retain the remaining 7%. Badale will continue in a supportive role, bridging the franchise’s past with its new chapter, and will also contribute his cricket know-how and experience to the organisation.
The Rajasthan Royals board has also been restructured. It will include Lakshmi N Mittal, Aditya Mittal, Vanisha Mittal-Bhatia, Adar Poonawalla, and Badale.
The sale will proceed only after meeting standard closing requirements. That includes obtaining approvals from the BCCI, the CCI, the IPL Governing Council, and any other relevant regulatory bodies. The process is expected to be completed in the third quarter of 2026.
Beyond their IPL presence, the Royals brand extends to other franchise leagues. The outfit also owns Paarl Royals in South Africa’s SA20 and Barbados Royals in the Caribbean Premier League (CPL).
In an official statement, the Mittal Family said: “Lakshmi N. Mittal and Aditya Mittal today announce that a definitive agreement has been reached to acquire the Rajasthan Royals, in partnership with Adar Poonawalla, from Manoj Badale and consortium.”
Earlier, the Rajasthan Royals were reported to be headed for acquisition by a US-based consortium led by Kal Somani. That group had submitted an offer of USD 1.63 billion, but the transaction could not be completed due to multiple complications.
What Lakshmi Mittal said
Lakshmi Mittal, who was born in Sadulpur in northern Rajasthan, said he has a deep love for the sport and is eager to be involved with the IPL. He added that his family’s roots in Rajasthan make the Royals the natural fit. “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.
What Aditya Mittal said
Aditya Mittal underlined the franchise’s reputation for nurturing fresh talent. “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 those who built the franchise into a global sporting brand, adding: “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.”
What Adar Poonawalla said
Adar Poonawalla, who had previously made bids for Royal Challengers Bengaluru (RCB), said he is pleased to partner 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 stated.
