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Rajasthan Royals Sold To Mittal Family And Adar Poonawalla For USD 1
Rajasthan Royals Sold To Mittal Family And Adar Poonawalla For USD 1.65 Billion
Lakshmi N Mittal, Aditya Mittal and Adar Poonawalla agree to buy Rajasthan Royals, Paarl Royals and Barbados Royals for 1.65 billion, deal to close in 2026 pending approvals.
A consortium led by Lakshmi N Mittal, Aditya Mittal and Adar Poonawalla has reached a definitive agreement to acquire the Rajasthan Royals (RR) and its associated franchises, Paarl Royals and Barbados Royals, in a deal valued at approximately $1.65 billion.
The transaction, is expected to be completed in the third quarter of 2026, subject to approvals from the Board of Control for Cricket in India, the Competition Commission of India and the IPL Governing Council.
Following completion of the deal, the Mittal family will reportedly control around 75 percent of the franchise, while Adar Poonawalla will own approximately 18 percent. Existing investors, including current owner Manoj Badale, will retain the remaining stake.
Under the new ownership structure, Lakshmi N Mittal, Aditya Mittal, Vanisha Mittal-Bhatia, Adar Poonawalla and Manoj Badale will join the Rajasthan Royals board. Badale, who originally purchased the IPL franchise in 2008 for $67 million, will remain associated with the team in an advisory role.
Speaking after the agreement was announced, Lakshmi N Mittal highlighted both his personal love for cricket and his family’s roots in Rajasthan.
“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 was quoted as saying by Moneycontrol in a statement.
Aditya Mittal also expressed his excitement about becoming part of the IPL franchise.
“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,” he said.
Adar Poonawalla, who had earlier bid for 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.”
Former principal owner Badale, who will still be a part of the decision making board, said: “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.”
Source: News18.com
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