Rajasthan Royals have undergone a major ownership change, with Indian businessman Lakshmi Mittal and Adar Poonawalla acquiring the franchise in a deal valued at US $1.65 billion (approximately INR 15,660 crore). The acquisition also includes Paarl Royals and Barbados Royals, expanding control across the Royals’ global franchise network.
The deal sees the Mittal family take a majority stake of around 75%, while Poonawalla will hold approximately 18%. The remaining 7% will stay with existing investors, including current principal owner Manoj Badale, who is also part of the new consortium.
Ownership Shift and Previous Bid
The agreement replaces an earlier deal worth $1.635 billion that had been reached in March with a US-based investor group led by Kal Somani. That consortium had emerged successful after multiple bidding rounds, ahead of competing offers from groups including Lancer Capital, Capri Group, Aditya Birla Group, and the Times of India Group.
It remains unclear why the Somani-led group did not complete the acquisition, despite having secured the winning bid at the time.
Franchise Value Growth
Rajasthan Royals, one of the original IPL teams, were initially purchased in 2008 by UK-based Emerging Media, owned by Manoj Badale, for $67 million. The latest valuation represents a 58-fold increase over the franchise’s original price.
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New Ownership Structure
Following completion of the deal, Lakshmi Mittal, his son Aditya Mittal, daughter Vanisha Mittal-Bhatia, Adar Poonawalla, and Manoj Badale are set to join the franchise’s board. The transaction is expected to be finalised in the third quarter of 2026, subject to approval from the BCCI and the Competition Commission of India.
Badale will continue to be involved with the franchise, maintaining a role within the ownership structure.
Owners’ Statements
Lakshmi Mittal expressed his enthusiasm for the acquisition, stating: “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.”
Aditya Mittal highlighted the focus on continuity, saying he aims to carry forward the franchise’s “legacy” of “developing new talent” and “harnessing the best of talent in the world for future success.”
Manoj Badale welcomed the new investors, saying: “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.”
Looking Ahead
The ownership transition marks a new phase for Rajasthan Royals, combining existing leadership with new investors as the franchise prepares for its next chapter in the IPL and across global leagues.
