The Mittal family and Adar Poonawalla have agreed to acquire the IPL team Rajasthan Royals from Manoj Badale’s consortium. The Mittals will hold a 75% stake, with Poonawalla holding 18%. The deal values the franchise at US$1.65 billion.
Lakshmi Narayan Mittal and Aditya Mittal on Sunday announced that a definitive agreement has been reached to acquire the IPL franchise Rajasthan Royals, in partnership with Adar Poonawalla, from Manoj Badale-led consortium of investors.
Following completion, the Mittal Family will own approximately 75% of Rajasthan Royals, with Adar Poonawalla holding approximately 18%. The remaining approximately 7% will be held by approved existing investors, including Manoj Badale, according to a press release from Rajasthan Royals. Badale will continue to support Rajasthan Royals, acting as a bridge between the past and the present, and bringing his deep knowledge and experience of cricket to the franchise. In addition to the IPL team, Rajasthan Royals also owns Paarl Royals in South Africa and Barbados Royals in the Caribbean. The transaction consideration is approximately US$1.65 billion and represents the enterprise value of Rajasthan Royals’ men’s franchise, Paarl Royals and Barbados Royals. Completion is subject to customary closing conditions, including approvals from the BCCI, the CCI, the IPL Governing Council and other applicable regulatory authorities, and is expected to occur in Q3 2026.
New Ownership and Board
Lakshmi Narayan Mittal, Aditya Mittal, Vanisha Mittal-Bhatia, Adar Poonawalla and Manoj Badale will join the board of The Rajasthan Royals. The Mittal Family has a deep connection with the state of Rajasthan, as Lakshmi Narayan Mittal was born and grew up in the village of Sadulpur, North Rajasthan.
Statements from Key Figures
Lakshmi Narayan Mittal
Lakshmi Narayan 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.”
Aditya Mittal
Aditya Mittal said, “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!”
Vanisha Mittal-Bhatia
Vanisha Mittal-Bhatia 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.”
Adar Poonawalla
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.”
Manoj Badale
Manoj Badale 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 has 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!”
Advisors on the Transaction
The buyer consortium was advised by Latham & Watkins LLP, Cyril Amarchand Mangaldas and Trilegal as legal counsel, Goldman Sachs as financial adviser, and Price Waterhouse & Co LLP as tax adviser. Raine ran the sale process and acted as commercial adviser to the seller consortium, alongside Deloitte as financial adviser, EY as tax adviser, and Macfarlanes LLP and AZB Partners as legal counsel. (ANI)
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