Mittal family, Poonawalla acquire Rajasthan Royals for $1.65bn; Lalit Modi hails 'safest hands'
Synopsis
The Mittal family and Adar Poonawalla's USD 1.65 billion acquisition of Rajasthan Royals signals a seismic shift in IPL ownership. With Aditya Mittal's proven track record in global sports (Boston Celtics, ArcelorMittal) and Poonawalla's entrepreneurial empire, the franchise is poised for a strategic overhaul. Lalit Modi's endorsement carries weight — he built the IPL from scratch, and his blessing suggests this is the most credible ownership transition in the league's history.
Key Takeaways
Mittal family and Adar Poonawalla acquire Rajasthan Royals for approximately USD 1.65 billion .
Ownership split: Mittal family 75% , Poonawalla 18% , existing investors 7% .
Aditya Mittal to lead franchise operations; previously invested USD 1 billion in Boston Celtics in 2025 .
Deal includes Paarl Royals (South Africa) and Barbados Royals (Caribbean).
Former IPL chairman Lalit Modi endorsed the acquisition as bringing "the safest hands" to the league.
The Mittal family and Adar Poonawalla have announced a definitive agreement to acquire the Rajasthan Royals from Manoj Badale and consortium for approximately USD 1.65 billion, marking one of cricket's largest franchise transactions. The deal encompasses not only the IPL team but also Paarl Royals in South Africa and Barbados Royals in the Caribbean.
Former IPL chairman Lalit Modi on Sunday endorsed the acquisition, calling it "the best news one can think of for the IPL" and describing the new owners as "the most savvy investors." In a post on X, Modi expressed personal satisfaction, saying the league would now be "in the safest of hands."
Ownership Structure
The Mittal family will hold approximately 75 per cent of Rajasthan Royals, with Adar Poonawalla holding approximately 18 per cent. The remaining approximately 7 per cent will be retained by approved existing investors, including Manoj Badale. Aditya Mittal, son of steel magnate Lakshmi N. Mittal, will lead the franchise on behalf of the family.
Aditya Mittal's Track Record
Aditya Mittal, a citizen of India based in London, brings substantial sports investment experience to the role. In 2025, he invested USD 1 billion to become a major stakeholder in the NBA's Boston Celtics. He holds the position of chief executive officer of ArcelorMittal, the world's largest steel producer, and serves as a board director of Aperam and Iconiq Capital. He is also Chairman of ArcelorMittal Nippon Steel India and a member of Harvard University's Global Advisory Council. His educational background includes a Bachelor's degree in Economics from the Wharton School in Pennsylvania.
Adar Poonawalla's Business Interests
Adar Poonawalla, Chief Executive Officer of the Serum Institute of India (SII), brings entrepreneurial credentials to the partnership. He assumed leadership of SII in 2011, taking complete operational control of the family business founded in 1966 by his father Dr. Cyrus Poonawalla. Beyond SII, Poonawalla is the founder of Poonawalla Fincorp, a digital non-banking financial company established in 2019 and headquartered in Pune.
Strategic Significance
The acquisition underscores the IPL's appeal to India's billionaire class and global sports investors. Rajasthan Royals, the tournament's first champions in 2008, have struggled to maintain competitive consistency in recent seasons. The infusion of capital and operational expertise from the Mittal-Poonawalla combine is expected to elevate the franchise's performance trajectory and commercial operations. The deal also reflects the expanding footprint of IPL franchises in global cricket, with South African and Caribbean properties now under unified ownership.
What Comes Next
The transaction is expected to close in coming months, subject to regulatory approvals and customary closing conditions. The new ownership is likely to announce strategic initiatives for player recruitment, stadium infrastructure, and international talent scouting ahead of the next IPL season.
Point of View
It could set a new template for IPL franchises. Lalit Modi's public backing is telling — he does not give endorsements lightly, and his blessing carries credibility in a space often clouded by speculation.
NationPress
12 Aug 2026
Frequently Asked Questions
Who is acquiring Rajasthan Royals and for how much?
The Mittal family in partnership with Adar Poonawalla are acquiring Rajasthan Royals for approximately USD 1.65 billion from Manoj Badale and consortium. The deal also includes Paarl Royals in South Africa and Barbados Royals in the Caribbean.
What is the ownership structure after the acquisition?
The Mittal family will hold approximately 75% of Rajasthan Royals, Adar Poonawalla will hold approximately 18%, and approved existing investors including Manoj Badale will retain approximately 7%.
Who will lead Rajasthan Royals under the new ownership?
Aditya Mittal, son of Lakshmi N. Mittal, will lead the franchise on behalf of the Mittal family. He is the chief executive officer of ArcelorMittal and invested USD 1 billion in the Boston Celtics in 2025.
What did Lalit Modi say about the acquisition?
Former IPL chairman Lalit Modi called it "the best news one can think of for the IPL" and described the Mittal family and Poonawalla as "the most savvy investors," saying the league would now be "in the safest of hands."
What is Adar Poonawalla's background?
Adar Poonawalla is the Chief Executive Officer of Serum Institute of India, founded by his father Dr. Cyrus Poonawalla in 1966. He also founded Poonawalla Fincorp, a digital non-banking financial company established in 2019 and based in Pune.
