Mumbai (Commonwealth Union)_Rajasthan Royals, one of the original franchises of the Indian Premier League, is set for a major ownership shake-up after Indian billionaire Lakshmi Mittal, along with prominent businessman Adar Poonawalla, reached a deal to acquire the team in a transaction valued at approximately US $1.65 billion (around INR 15,660 crore). The agreement also includes the franchise’s global cricket assets, such as Paarl Royals in South Africa’s SA20 league and Barbados Royals in the Caribbean Premier League, extending the group’s footprint across multiple international competitions.
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According to a joint statement released on Sunday, the Mittal family and Poonawalla have entered into a definitive agreement to purchase the Rajasthan Royals franchise portfolio from its current principal owner Manoj Badale and his consortium. Once the transaction is completed, the Mittal family will hold close to 75 percent ownership, while Poonawalla will control around 18 percent. The remaining stake, roughly 7 percent, will continue to be held by existing approved investors, including Badale himself.
This development comes as a surprise in the IPL ownership market, as it replaces an earlier reported deal involving a US-based consortium that had been close to finalising the purchase at a slightly lower valuation of around US $1.635 billion. That group, led by Arizona tech entrepreneur Kal Somani and including high-profile American sports investors, had emerged as strong contenders after multiple bidding rounds earlier in the year. Despite reportedly submitting competitive offers, their deal did not ultimately materialise, clearing the path for the current acquisition.
Lakshmi Mittal, chairman of global steel giant ArcelorMittal, expressed strong personal enthusiasm for the acquisition, noting his family’s roots in Rajasthan and his long-standing passion for cricket. Aditya Mittal, who will also take an active role, emphasised the ambition to strengthen the franchise’s tradition of identifying and nurturing young talent while competing at the highest level. Adar Poonawalla, head of the Serum Institute of India, brings additional business leadership to the consortium.
Current owner Manoj Badale will remain involved in the franchise and is expected to serve on the new board alongside the Mittal family and Poonawalla. The transition is expected to be completed in the third quarter of 2026, subject to approvals from the Board of Control for Cricket in India (BCCI) and the Competition Commission of India. Badale said he was proud of his long association with the franchise and the role the Rajasthan Royals has played in shaping the IPL into a globally recognised sporting league. He also welcomed the new ownership group, describing them as long-term thinkers with strong ties to India and a clear vision for the team’s future.
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The Rajasthan Royals, founded in 2008 as one of the league’s eight inaugural teams, was originally bought by UK-based Emerging Media for just US $67 million. The latest valuation therefore represents a dramatic rise in value, nearly 58 times its original price, highlighting the explosive commercial growth of the IPL over the past 18 years. Once finalised, the takeover is expected to mark a new era for the Rajasthan Royals, with expanded global ambitions and increased investment potential across its international cricket franchises.
