Indian Premier League (IPL) franchise Rajasthan Royals (RR) has been bought by the Mittal family, led by Lakshmi N. Mittal and Aditya Mittal, and Adar Poonawalla of the Serum Institute of India for about USD 1.65 billion, or around Rs 15,660 crores.
Earlier, the RR franchise was bought by a consortium led by Indian American entrepreneur Kal Somani for USD 1.63 billion. However, the deal fell through after one of the partners pulled out of the race.
And now, the Mittal family has signed a definitive agreement to acquire a majority stake in the franchise. The group purchased the franchise from Manoj Badale and his investors in collaboration with Adar Poonawalla, CEO of Serum Institute of India, who will hold a minority stake as well.
"Lakshmi N. Mittal and Aditya Mittal today announce that a definitive agreement has been reached to acquire the Rajasthan Royals, in partnership with Adar Poonawalla, from Manoj Badale and consortium," a press release issued by the Mittal family stated, as per PTI.
The valuation covers the Royals’ global portfolio, including the IPL side, Paarl Royals in South Africa, and Barbados Royals in the Caribbean.
When the acquisition is completed, which is anticipated to happen in the third quarter of 2026, Poonawalla will control roughly 18% of the brand, while the Mittal family will possess 75%. Badale and other current investors will retain the remaining 7%.
As the face of the Royals' ownership since the league's founding in 2008, Badale will continue to serve on the board. According to the team, his institutional expertise will continue to be useful to the team.
"Badale will continue to support Rajasthan Royals, acting as a bridge between the past and the present, and bringing his deep knowledge and experience of cricket to the franchise," the release stated.
The BCCI, CCI, and IPL Governing Council regulatory approvals, as well as usual closing conditions, still apply to the deal.
“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 pitchside to cheer on our future success,” Lakshmi Mittal stated as quoted by PTI.
“The IPL has, in a very short space of time, become one of the biggest sporting leagues in the world, and the Rajasthan Royals is one of the original and most iconic teams of the league. Personally, I am so honored and excited to be part of this great team. The Royals are 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. I want to thank everyone who has helped build the Rajasthan Royals into a global sporting institution—the players, coaches, leadership team, and above all, the fans. We intend to continue and enhance its cherished legacy, Halla Bol!” Aditya Mittal said.
Vanisha Mittal-Bhatia, who will also join the board, said, “From the earliest age, I inherited a love of cricket through my parents. Our family loves sports, and we love India, and so to participate in the future success of the biggest cricket league in the world with the Rajasthan Royals is an honor and a privilege.”
“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,” Adar Poonawalla said.
Badale described his time with the franchise as the privilege of a lifetime.
He said, “It has been the privilege of a lifetime to be involved with the Rajasthan Royals from inception and to have played a small part in building what has become the world’s most exciting and successful cricket league. 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.’ He added, ‘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. I very much look forward to working alongside them and to supporting our extraordinary team and its loyal fans as the Royals continue to grow. Halla Bol!”
The acquisition is one of the biggest involving an Indian Premier League team, demonstrating the growing worth of high-end sporting assets associated with the richest cricket competition in the world.
(PTI inputs)
