In a major development reshaping the Indian Premier League ownership landscape, the Rajasthan Royals is set to be acquired by the Mittal family in partnership with Adar Poonawalla in a deal valued at approximately ₹15,660 crore ($1.65 billion).
The consortium, led by Lakshmi N. Mittal and Aditya Mittal, has signed a definitive agreement to buy the franchise from Manoj Badale and existing investors. The valuation includes the Royals’ global portfolio, covering teams such as Paarl Royals in South Africa and Barbados Royals in the Caribbean.
Once the deal closes—expected in the third quarter of 2026—the Mittal family will hold a 75% stake, while Poonawalla will own around 18%. The remaining 7% will stay with existing stakeholders, including Badale, who will continue on the board.
The transaction is subject to regulatory approvals from the Board of Control for Cricket in India, the Competition Commission of India, and the IPL Governing Council.
This acquisition comes shortly after another high-profile IPL deal involving Royal Challengers Bengaluru, underlining the league’s soaring valuations and investor interest.
For Lakshmi Mittal, the investment carries personal significance, given his roots in Rajasthan and long-standing passion for cricket. The new ownership has also emphasized its intent to build on Rajasthan Royals’ legacy of nurturing young talent.
On the field, the Royals remain competitive in the ongoing 2026 season, currently placed fourth and in contention for a playoff spot.
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