With an offer of $1.65 billion (about Rs 15,600 crore), renowned billionaire Lakshmi N. Mittal and his son Aditya Mittal, along with Adar Poonawalla, have bought a majority ownership in Rajasthan Royals following the withdrawal of the Kal Somani-Rob Walton-Sheila Ford Hamp consortium.
The enterprise value of the Rajasthan Royals’ men’s team, the Paarl Royals, and the Barbados Royals is represented by the transaction consideration ($1.65 billion).
Customary closing requirements, including as clearances from the IPL Governing Council, the BCCI, the CCI, and other relevant regulatory bodies, must be met for completion. The third quarter (Q3) of 2026 is when the agreement is anticipated to close.
The US-based group headed by Somani had previously made an offer of $1.63 billion, but according to sources, it failed due diligence because of several problems.
“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.
According to the announcement, Adar Poonawalla would own about 18% of Rajasthan Royals, while the Mittal family will own about 75%.
Manoj Badale and other authorized current investors will own the remaining 7%.
Lakshmi N. Mittal, Aditya Mittal, Vanisha Mittal-Bhatia, Adar Poonawalla, and Badale will make up the reorganized Rajasthan Royals board.
“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.
The Rajasthan Royals own the IPL team as well as the Barbados Royals in the Caribbean and the Paarl Royals in South Africa.
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.”
