Celebrated industrialist Lakshmi N.Mittal and his son Aditya Mittal have bought the majority of the stake in the Rajasthan Royals franchise for USD 1.65 billion (approximately Rs 15,600 crore). Serum institute of India's Adar Poonawalla and current lead-owner Manoj Badale are also part of the consortium that bought the 2008 champions. This comes after the Kal Somani–Rob Walton–Sheila Ford Hamp consortium pulled out of the race.
The transaction, valued at USD 1.65 billion, reflects the enterprise value of the Rajasthan Royals men’s franchise, as well as the Paarl Royals and Barbados Royals teams. The completion of the deal is contingent upon standard closing conditions, including approvals from the BCCI, the CCI, the IPL Governing Council, and other relevant regulatory authorities. The transaction is anticipated to be finalised in the third quarter (Q3) of 2026. Previously, a US-based consortium led by Somani had proposed USD 1.63 billion; however, according to sources, the bid did not clear due diligence due to multiple concerns.
"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.
Here is the ownership breakdown
The Mittal family will own 75 per cent of the stake in the team, while Poonawalla has around 18 per cent of the stake. Notably, the remainder of the 7 per cent stake will stay with the approved existing investors, including Badale. Lakshmi N.Mittal, his son Aditya, Vanisha Mittal-Bhatia, Adar Poonawalla and Badale will be part of the restructured Rajasthan Royals board.
"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.
Lakshmi Mittal speaks on the acquisition
Mittal, born in Rajasthan's Sadulpur, is an Indian billionaire chairman of ArcelorMittal and Aperam. Mittal expressed his feelings on acquiring the franchise. "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. 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."
"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. 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," Aditya said.
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