Mittal family buys Rajasthan Royals in partnership with Adar Poonawalla for $1.65 billion

In one of the biggest deals in franchise cricket, Lakshmi N. Mittal and Aditya Mittal have signed a definitive agreement to acquire a majority stake in Rajasthan Royals for an enterprise value of $1.65 billion from Manoj Badale and consortium, in partnership with Adar Poonawalla.

Post completion, the Mittal family will hold around 75% in the franchise, while Poonawalla will own approximately 18%. The remaining 7% will stay with existing investors, including Badale, who will continue to support the team in an advisory capacity.

The deal values Rajasthan Royals and its associated teams—Paarl Royals (South Africa) and Barbados Royals (Caribbean)—at an enterprise value of about $1.65 billion. The transaction is subject to approvals from the BCCI, the CCI, and the IPL Governing Council, and is expected to close in Q32026. Following the deal, Lakshmi N. Mittal, Aditya Mittal, Vanisha Mittal-Bhatia, Adar Poonawalla and Manoj Badale will join the board.

Lakshmi N. Mittal said, “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.”

Adar Poonawalla 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.”

Badale said that It had been the "privilege of a lifetime" to be involved with the Rajasthan Royals from inception. "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," he added. 

Aditya Mittal said, "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.”

“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. 

Earlier, it had been reported that a consortium led by US-based investor Kal Somani was the front-runner to buy Rajasthan Royals for ₹15,000 crore, but it appears that the deal did not go through.