In a landmark development in the world of franchise cricket, the ownership of Rajasthan Royals has officially changed hands. A powerful consortium led by steel tycoon Lakshmi N. Mittal, his son Aditya Mittal, and Adar Poonawalla has secured a majority stake in the franchise. The deal, valued at approximately ₹15,600 crore ($1.65 billion), ranks among the biggest transactions in the history of the Indian Premier League.
According to official statements, the new ownership structure reflects a clear majority control by the Mittal family, with additional participation from Adar Poonawalla.
“Following completion, the Mittal family will own approximately 75% of Rajasthan Royals, with Adar Poonawalla holding approximately 18%. The remaining approximately 7% will be held by approved existing investors, including Manoj Badale,” a media statement said.
This restructuring significantly alters the ownership dynamics of the franchise while ensuring continuity through existing stakeholders like Manoj Badale.
The transaction is not limited to the IPL team alone. It also includes Rajasthan Royals’ international franchise network:
This global portfolio strengthens the consortium’s footprint in international T20 leagues, aligning with the IPL’s broader strategy of expanding its global influence.
The deal is anticipated to close in Q3 2026, subject to necessary regulatory approvals. These include:
Such approvals are standard for high-value sports franchise transactions to ensure compliance with financial and governance norms.
Aditya Mittal emphasized the franchise’s legacy of nurturing talent and expressed commitment to continuing that philosophy:
“The Royals is well known for developing new talent – that resonates deeply with me, and we are determined that legacy will continue, harnessing the best of talent in the world for future success.”
Adar Poonawalla highlighted the brand strength and future potential of the franchise:
“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.”
Former principal owner Manoj Badale reflected on the journey and welcomed the new investors:
“I am hugely grateful to the most important people – our fans, as well as our players, coaches and management teams – past and present – who have made this team what it is. 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.”
Before this agreement, a US-led consortium headed by entrepreneur Kal Somani was close to acquiring the franchise for around $1.63 billion. However, the deal eventually fell through.
These issues opened the door for alternative bidders, ultimately leading to the Mittal-Poonawalla consortium’s successful acquisition.
With deep financial backing and global business expertise, Rajasthan Royals is expected to undergo a significant transformation.
The IPL has evolved into one of the most valuable sports leagues globally, and this deal further reinforces its financial strength and global appeal.
The acquisition of Rajasthan Royals by the Mittal family and Adar Poonawalla marks a defining moment in IPL history. With a deal valued at $1.65 billion, it not only underscores the league’s immense commercial value but also signals a new era of strategic growth for the franchise. Backed by strong leadership and financial muscle, Rajasthan Royals is poised to scale new heights both on and off the field. As the IPL continues to expand its global footprint, such high-profile investments highlight the league’s position as a premier sporting and business platform.