A consortium led by Lakshmi N Mittal, Aditya Mittal, and Adar Poonawalla has signed a final agreement to buy the Rajasthan Royals. The deal also includes Paarl Royals and Barbados Royals. The total value stands at about $1.65 billion.
The deal will likely close in the third quarter of 2026. However, it needs approvals from the Board of Control for Cricket in India, the Competition Commission of India, and the IPL Governing Council.
Earlier, a consortium led by Kal Somani, Rob Walton, and Sheila Ford Hamp offered $1.63 billion. But the bid failed due diligence.
New ownership structure takes shape
After the deal, the Mittal family will control about 75 percent of the franchise. Adar Poonawalla will hold nearly 18 percent. Existing investors, including Manoj Badale, will keep the remaining stake.
Lakshmi Mittal, Aditya Mittal, Vanisha Mittal-Bhatia, Adar Poonawalla, and Manoj Badale will join the franchise board. Badale bought the team in 2008 for $67 million. He will now continue in an advisory role.
Mittal family highlights love for cricket
Lakshmi Mittal spoke about his connection to the team and the sport.
“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. I first played cricket as a schoolboy, and since then I have been an avid fan of the sport. Many great players have worn the Rajasthan Royals shirts, including Indian icons of the sport who have been an inspiration for the younger talent. I look forward to being part of this great team, and cannot wait to join all the fans pitch-side to cheer on our future success," he said.
Aditya Mittal shared the same message and excitement about joining the franchise.
“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. I first played cricket as a schoolboy, and since then I have been an avid fan of the sport. Many great players have worn the Rajasthan Royals shirts, including Indian icons of the sport who have been an inspiration for the younger talent. I look forward to being part of this great team, and cannot wait to join all the fans pitch-side to cheer on our future success," he said.
Poonawalla and Badale back the move
Adar Poonawalla, who earlier bid for Royal Challengers Bengaluru, welcomed the deal.
“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."
Manoj Badale also supported the new ownership.
“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."