Rajasthan Royals have found a new majority ownership path, with industrialist Lakshmi N. Mittal, his son Aditya Mittal, and Adar Poonawalla agreeing to buy the franchise stake in a deal valued at USD 1.65 billion. The transaction covers the enterprise value of the Royals’ men’s team along with its related franchises, Paarl Royals and Barbados Royals.
Quick facts
- Buyers: Lakshmi N. Mittal, Aditya Mittal and Adar Poonawalla.
- Deal value: USD 1.65 billion.
- Assets included: Rajasthan Royals men’s franchise plus Paarl Royals and Barbados Royals.
- Approval pipeline: BCCI, CCI, IPL Governing Council and other regulators.
- Expected completion: third quarter of 2026.
The acquisition is still subject to standard deal-ending requirements, including clearance from the BCCI, the CCI, the IPL Governing Council and other relevant authorities. Completion is anticipated to come in the third quarter of 2026, once all conditions are satisfied.
Earlier, a consortium led by Kal Somani, along with Rob Walton and Sheila Ford Hamp, had been positioned to take over the stake. However, the group was unable to mobilise the capital required to finalise the purchase, and the internal regulatory complexities of its structure eventually opened the door for the Mittal family’s entry.
Consortium says it stayed in the race
On Tuesday, a Kal Somani-led consortium issued an official statement insisting it remained part of the bidding process until the end. The group said it worked to assemble a “distinguished” investor lineup with experience spanning multiple major global leagues, and it claimed it was prepared to complete the transaction with full certainty.
In the statement, the consortium said it had brought together investors with ownership backgrounds across the NFL, MLB, EPL, La Liga and TGL. It also claimed that the group included select international sporting figures drawn from the top levels of professional competition, all driven by the goal of helping elevate the IPL’s reach worldwide.
The consortium further claimed it competed strongly throughout the process, arguing it was the “strongest group at every stage” while facing other prominent investors active in sports deal-making. It added that it never withdrew its bid and that it had documentation already in place, stating it was informed that the franchise’s board meeting on Saturday was meant to approve the consortium’s involvement.
Despite those claims, the consortium said that scenario never materialised. It expressed disappointment at not being included in the ownership group after what it described as a prolonged six-month effort where it had been the leading bidder from start to finish.
The statement also rejected reports it said had been “planted in the press,” asserting the group was fully funded, ready to close, and consistently committed to completion. The consortium said it approached the process with “honesty, integrity, professionalism” and in good faith, but concluded that it could not reconcile its level of preparedness with the final outcome.
While the group said it respects competitive results, it argued the process should have reflected transparency, consistency, integrity and good faith given the scale of the decision. It called the outcome surprising and difficult to align with what it described as the strength of its bid.
Looking ahead, the consortium said it views the experience as part of a broader journey. It expressed pride in its partners, highlighted the speed at which it said it can execute deals, and reiterated that its shared vision remains focused on the global expansion of sport.
The statement ended with a wish for Rajasthan Royals’ success going forward, along with thanks to everyone who played a role in the journey alongside the consortium. It also said the group plans to redirect its capital, expertise, and long-term commitment toward future opportunities.
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