The IPL franchise of Rajasthan Royals has been acquired by billionaire Adar Poonawalla, in partnership with the family of ArcelorMittal founder Lakshmi Mittal, for an amount of $1.65 billion, or Rs 15,660 crore, according to a release issued on Sunday.
As per the deal, the Mittal family will own the lion’s stake of 75%, while Adar Poonawalla will hold around 18%. The remaining approximately 7% will be held by existing investors, including Manoj Badale.
The closure of the deal comes after the Kal Somani–Rob Walton–Sheila Ford Hamp consortium pulled out of the acquisition race.
The deal is expected to be completed by the third quarter of calendar year 2026, PTI reported, citing sources. The deal is subject to approvals from the Board of Control for Cricket in India, the Competition Commission of India, the IPL Governing Council and other regulatory bodies.
The announcement comes amid the ongoing edition of the Indian Premier League, where RR currently stands at the fourth position.
The transaction consideration ($1.65 billion) represents the enterprise value of Rajasthan Royals’ men’s franchise, Paarl Royals and Barbados Royals.
Earlier, the US-based consortium led by Somani had offered $1.63 billion but, as per reports, it didn’t pass due diligence due to multiple issues.
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“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,” a press release issued by Mittal family stated.
The restructured Rajasthan Royals board will comprise Lakshmi N. Mittal, Aditya Mittal, Vanisha Mittal-Bhatia, Adar Poonawalla and Badale.
“Badale will continue to support Rajasthan Royals, acting as a bridge between the past and the present, and bringing his deep knowledge and experience of cricket to the franchise,” the release stated.
In addition to the IPL team, Rajasthan Royals also owns Paarl Royals in South Africa and Barbados Royals in the Caribbean.
Lakshmi N. Mittal, who was born in Sadulpur in North of Rajasthan, said, “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.”
Mittal’s son Aditya said: “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.
“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 bid for RCB, said: “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.”
Former principal owner Badale, who will still be a part of the decision making board, said: “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.”
With PTI inputs
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