Lakshmi Mittal-Led Consortium Acquires Rajasthan Royals for $1.65 Billion

Key facts

• The consortium includes Lakshmi N. Mittal, Aditya Mittal, Vanisha Mittal-Bhatia, and Adar Poonawalla.
• The deal values Rajasthan Royals at approximately $1.65 billion (₹15,660 crore).
• Mittal family will hold 75% stake; Poonawalla 18%; existing investors, including Manoj Badale, 7%.
• Acquisition covers Rajasthan Royals, Paarl Royals (South Africa), and Barbados Royals (Caribbean).
• Completion expected in Q3 2026, subject to approvals from BCCI, CCI, and IPL Governing Council.
• Rajasthan Royals won the inaugural IPL title in 2008 and currently sit fourth in the 2026 season.
• The deal follows the record $1.78 billion sale of Royal Challengers Bengaluru in March 2026.

A Surprise Takeover Reshapes IPL Ownership

Lakshmi N. Mittal, the UK-based Indian-born steel magnate, has announced the acquisition of Rajasthan Royals, one of the original eight franchises of the Indian Premier League. The deal, valued at approximately $1.65 billion (₹15,660 crore), comes as a surprise after reports just a month ago indicated that a US-based consortium led by Kal Somani, with partners including Rob Walton of Walmart and the Hamp family of Ford, had secured the franchise. The announcement, made through a joint statement, confirms that a definitive agreement has been reached. The consortium includes Mittal's son Aditya Mittal and daughter Vanisha Mittal-Bhatia, along with Adar Poonawalla, CEO of the Serum Institute of India. Manoj Badale, the current lead owner, will retain a minority stake and remain involved with the franchise.

The Consortium and Stake Breakdown

Under the agreed terms, the Mittal family will be the lead owners, holding approximately 75% of the franchise. Poonawalla will own about 18%, while the remaining 7% will be held by existing investors, including Manoj Badale. Badale, who was the lead owner in the previous setup, will continue to support the Royals, acting as a bridge between the past and the present, according to the consortium's joint statement. Aditya Mittal and Vanisha Mittal-Bhatia will also join the board. The acquisition covers not only the IPL side but also Rajasthan Royals' subsidiaries in South Africa and the Caribbean: Paarl Royals and Barbados Royals. The buyer consortium was advised by Latham & Watkins LLP, Cyril Amarchand Mangaldas, Trilegal, Goldman Sachs, and Price Waterhouse & Co LLP. Raine ran the sale process for the seller consortium, alongside Deloitte, EY, Macfarlanes LLP, and AZB Partners.

Personal Ties and Passion for Cricket

For Lakshmi Mittal, the deal carries deep personal significance. Born and raised in the village of Sadulpur in northern Rajasthan, he expressed his connection to the team: 'My family is from Rajasthan, so there is no IPL team that I would rather be part of than the Rajasthan Royals. I first played cricket as a schoolboy, and since then I have been an avid fan of the sport.' Aditya Mittal highlighted the franchise's role in developing talent: 'The Royals is well known for developing new talent - that resonates deeply with me, and we are determined that legacy will continue.' Vanisha Mittal-Bhatia added, 'From the earliest age I inherited a love of cricket through my parents. Our family loves sport and we love India.' Poonawalla said he was 'delighted to partner with Aditya Mittal on this investment' and looked forward to supporting the franchise's growth.

Regulatory Hurdles and Timeline

The completion of the acquisition is subject to customary closing conditions, including approvals from the Board of Control for Cricket in India (BCCI), the Competition Commission of India (CCI), the IPL Governing Council, and other applicable regulatory authorities. The joint statement said the deal is expected to close in the third quarter of 2026. Until then, the current ownership structure remains in place. Manoj Badale, who has been the face of the Royals' ownership since the league began in 2008, will remain on the board, providing institutional knowledge. The franchise stated that Badale's deep knowledge and experience of cricket will continue to play a role in the club.

A Changing IPL Ownership Landscape

The Rajasthan Royals sale is the latest in a series of high-value transactions reshaping the IPL's ownership map. In March 2026, Royal Challengers Bengaluru was sold for a record $1.78 billion to an Aditya Birla-led consortium. The Mittal-Poonawalla deal, at $1.65 billion, underscores the soaring valuations of IPL franchises, driven by the league's global appeal and lucrative media rights. Rajasthan Royals, champions of the inaugural IPL edition in 2008, are currently performing well in the 2026 season. Led by teen sensation Vaibhav Sooryavanshi, the team sits fourth in the 10-team points table with 12 points, just one behind table-toppers Punjab Kings, and is heading towards the playoffs.

What Lies Ahead for the Royals

Once regulatory approvals are secured, the Mittal family and Poonawalla will take control of a franchise with a rich legacy and a global portfolio. The consortium has expressed a commitment to continuing the Royals' tradition of nurturing young talent, a hallmark of the team since its inception. Manoj Badale, reflecting on his tenure, said, 'It has been the privilege of a lifetime to be involved with the Rajasthan Royals from inception.' He welcomed the new owners, stating, '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.' The transition marks a new era for the Royals, with the Mittal family's deep roots in Rajasthan and global business acumen poised to drive the franchise forward.

The bottom line

• Lakshmi Mittal's consortium, including Adar Poonawalla, has acquired Rajasthan Royals for $1.65 billion, surprising earlier reports of a US-led buyout.
• The Mittal family will hold a 75% stake, with Poonawalla at 18% and existing investors, including Manoj Badale, retaining 7%.
• The deal includes the IPL franchise and its sister teams in South Africa and the Caribbean, Paarl Royals and Barbados Royals.
• Completion is expected in Q3 2026, pending approvals from BCCI, CCI, and the IPL Governing Council.
• Rajasthan Royals, winners of the inaugural IPL in 2008, are currently fourth in the 2026 season and in playoff contention.
• The acquisition follows the record $1.78 billion sale of Royal Challengers Bengaluru, highlighting the soaring value of IPL franchises.