The sale is officially done. Rajasthan Royals, the inaugural champions of the Indian Premier League (IPL), have been acquired by the Mittal Family in association with Adar Poonawalla. Lakshmi N Mittal and Aditya Mittal on Sunday confirmed that a definitive agreement had been reached to acquire the franchise, made possible through a partnership with Poonawalla, the previous owner, Manoj Badale, and a consortium. The transaction will be worth approximately USD 1.65 billion.
The Mittal family will now own 75 per cent stake in the Royals, while Poonawalla will hold approximately 18 per cent. Existing investors, including Badale, will hold the remaining 7 per cent. Badale will continue supporting the Royals, acting as a bridge between the past and present. He will also bring his deep knowledge and experience of cricket to the franchise.
The restructured Rajasthan Royals board will comprise Lakshmi N Mittal, Aditya Mittal, Vanisha Mittal-Bhatia, Adar Poonawalla and Badale.
The official sale is subject to customary closing conditions, including approvals from the BCCI, the CCI, the IPL Governing Council and other applicable regulatory authorities, and it is expected to go through in the third quarter of 2026.
Apart from the IPL team, the Royals also own Paarl Royals in SA20 and Barbados Royals in the Caribbean Premier League (CPL).
“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,” the Mittal family said in an official release.
Earlier, the Rajasthan Royals were set to be acquired by the US-based consortium led by Kal Somani. It had offered USD 1.63 billion, but the deal didn’t materialise due to multiple issues.
What did Laxmi Mittal say?
Laxmi Mittal, who was born in Sadulpur in northern Rajasthan, said he loves cricket and is very excited to be involved with the IPL.
“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,” he said.
On the other hand, Mittal’s son Aditya said: “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,” he added.
Adar Poonawalla, who had earlier bid for the Royal Challengers Bengaluru (RCB) said: “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.”