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Mittal family set to own 75% of Rajasthan Royals in $1
The Mittal Family and Adar Poonawalla are set to acquire a controlling stake in the Rajasthan Royals IPL franchise. The deal values the team at approximately $1.65 billion. This significant acquisition includes ownership of associated teams in South Africa and the Caribbean. The transaction is anticipated to finalize in the third quarter of 2026.
The has reached a definitive agreement to acquire a controlling stake in IPL franchise in partnership with , PTI quoting press release by Mittal Family. The deal, signed with current owner and his consortium, values the franchise and its associated teams at about $1.65 billion. The transaction is expected to close in the third quarter of 2026, subject to regulatory approvals including from the BCCI, CCI and the IPL Governing Council.
After completion, the Mittal Family will hold around 75% ownership in Rajasthan Royals, while Adar Poonawalla will own about 18%. Existing investors, including Manoj Badale, will retain the remaining 7%. Badale will continue to remain associated with the franchise in a supporting role, contributing his experience in cricket operations.
“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 pitch-side to cheer on our future success,” Lakshmi N. Mittal said.
The acquisition also includes ownership of in South Africa and Barbados Royals in the Caribbean. Members of the new ownership group, including Lakshmi N. Mittal, Aditya Mittal, Vanisha Mittal-Bhatia, Adar Poonawalla and Manoj Badale, will join the board of Rajasthan Royals.
The Mittal Family highlighted its long-standing connection with Rajasthan, noting that Lakshmi N. Mittal was born in Sadulpur in the state. The investment marks their entry into franchise cricket ownership at a time when the IPL continues to expand its global presence.
“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 the most iconic teams of the league. Personally, I am so honoured and excited to be to be part of this great team. 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..We intend to continue and enhance its cherished legacy Halla Bol!” Aditya Mittal said.
“From the earliest age I inherited a love of cricket through my parents. Our family loves sport 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 honour and a privilege,” Vanisha Mittal-Bhatia 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,” Adar Poonawalla 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 hs 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. 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!” Manoj Badale said.
Before this agreement, a separate proposed buyout of Rajasthan Royals led by a Somani-led consortium had faced delays. The proposed $1.63 billion transaction was held up due to funding constraints within the investor group, regulatory uncertainties and complexities in structuring the consortium, ET earlier reported.
The Somani consortium included global investors such as Rob Walton and Sheila Ford Hamp along with Michael Hamp. However, the lead investor was still in the process of raising capital and had not secured the required commitments, which delayed the closure.
Concerns were also raised during due diligence, while the BCCI was understood to have flagged issues related to fees on past secondary ownership transactions linked to Mauritius-based EM Sporting Holdings, which controls Royal Multisport.
During this period, the franchise promoters also explored discussions with other investors, including the Mittal Family, which had earlier participated in the bidding process with an estimated offer of around $1.5 billion.
The situation was further complicated by an ongoing legal dispute involving former minority investor Raj Kundra. Through Kuki Investments, Kundra approached the National Company Law Tribunal alleging oppression and mismanagement and seeking reinstatement of his 11.7% stake. The matter remains under adjudication. A related anti-suit injunction issued by a UK court is also under challenge before the Bombay High Court.
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Source: EconomicTimes
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