Mittal family, Adar Poonawalla acquire Rajasthan Royals for USD 1.65 billion
Synopsis
The Mittal family's entry into IPL ownership marks a significant consolidation of India's industrial wealth into cricket. With USD 1.65 billion on the table and a 75 per cent stake, Lakshmi and Aditya Mittal are betting on the Royals' talent-development model and the IPL's explosive global growth trajectory. Adar Poonawalla's 18 per cent stake signals confidence in the franchise's near-term upside.
Key Takeaways
Mittal and Aditya Mittal acquire Rajasthan Royals for USD 1.65 billion on 3 May .
Mittal family holds 75 per cent ownership; Adar Poonawalla holds 18 per cent .
Deal includes Paarl Royals (South Africa) and Barbados Royals (Caribbean).
Regulatory approvals from BCCI , CCI , and IPL Governing Council expected by Q3 2026 .
Manoj Badale retains 7 per cent stake and remains as strategic advisor.
Previous bid by Kal Somani consortium collapsed due to funding issues.
Lakshmi N. Mittal and Aditya Mittal on 3 May announced a definitive agreement to acquire the Rajasthan Royals in partnership with Adar Poonawalla, marking a USD 1.65 billion transaction that encompasses the IPL franchise alongside its international counterparts Paarl Royals (South Africa) and Barbados Royals (Caribbean). The Mittal family will hold approximately 75 per cent ownership, while Poonawalla will hold 18 per cent, with the remaining 7 per cent retained by approved existing investors including outgoing owner Manoj Badale.
How the deal came together
The acquisition follows the collapse of a rival bid led by Kal Somani's consortium, which had previously secured the rights to purchase the franchise but encountered funding difficulties that derailed the transaction. The Mittal-Poonawalla partnership stepped in to complete the acquisition, with regulatory approvals from the BCCI, CCI, and the IPL Governing Council expected by Q3 2026.
Badale's continued involvement
Badale, who has been associated with the Royals since inception, will remain as an approved investor and strategic advisor, serving as a bridge between the franchise's storied past and its new ownership structure. His deep knowledge of cricket operations and the league's ecosystem will inform the transition.
The Mittal family's vision
Lakshmi N. Mittal emphasized his personal connection to Rajasthan and his passion for cricket, stating he looks forward to supporting the team alongside fans. Aditya Mittal highlighted the IPL's rapid ascent as a global sporting league and the Royals' legacy of nurturing emerging talent, pledging to uphold the franchise's cherished
Point of View
Known for steel and aluminium, replicate the Royals' talent-spotting acumen under new stewardship? Badale's retention as advisor suggests the family recognizes that cricket franchises are not run like factories.
NationPress
12 Aug 2026
Frequently Asked Questions
Who is acquiring the Rajasthan Royals?
The Mittal family, represented by Lakshmi N. Mittal and Aditya Mittal , is acquiring the Rajasthan Royals in partnership with Adar Poonawalla . The Mittals will hold 75 per cent ownership, Poonawalla 18 per cent, and approved existing investors including outgoing owner Manoj Badale will retain 7 per cent.
What is the acquisition price?
The transaction consideration is approximately USD 1.65 billion , representing the enterprise value of the Rajasthan Royals' men's franchise, Paarl Royals, and Barbados Royals combined.
When will the acquisition be completed?
Completion is subject to approvals from the BCCI , CCI , IPL Governing Council , and other regulatory authorities, and is expected to occur in Q3 2026 .
What happened to the previous bidder?
The Kal Somani -led consortium, which had previously secured the bid to acquire Rajasthan Royals, ran into funding issues and could not complete the purchase, allowing the Mittal-Poonawalla partnership to step in.
Will Manoj Badale remain involved with the franchise?
Yes. Manoj Badale will retain approximately 7 per cent ownership as an approved existing investor and will continue to support the Royals as a strategic advisor, bringing his deep knowledge of cricket to the franchise.
