New Delhi: A consortium of Lakshmi N Mittal, Aditya Mittal and Adar Poonawalla has acquired the Indian Premier League (IPL) franchise Rajasthan Royals (RR) for approximately $1.65 billion (Rs 15,660 crore as per current exchange rate). The current lead-owner of the franchise, Manoj Badale, is also part of the consortium.
The valuation also covers the Royals’ other global franchises, including Paarl Royals in South Africa and Barbados Royals in the Caribbean. The announcement also ends recent rumours that a US-based Kal Somani-led consortium had secured the franchise, but as per PTI report, it didn’t pass due diligence due to multiple issues.
According to the arrangement, the Mittal Family will be the lead owners and will control the franchise. They have approximately 75 per cent stake, Adar Poonawalla has 18 per cent, and the remaining 7% will be held by Mr Badale.
The inaugural IPL champions are currently doing well in the ongoing edition and are headed towards the play-offs. The restructured RR board will include Lakshmi N. Mittal, Aditya Mittal, Vanisha Mittal-Bhatia, Adar Poonawalla and Badale.
“Lakshmi N. Mittal and Aditya Mittal today announce that a definitive agreement has been reached to acquire the Rajasthan Royals, in partnership with Adar Poonawalla, from Manoj Badale and consortium,” a press release issued by the Mittal family stated.
“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,” the release stated.
‘There is no IPL team that I would rather be part of than the Rajasthan Royals’: Lakshmi N. Mittal
Lakshmi N. Mittal, who was born in Sadulpur, Rajasthan, said that he loves cricket and his family is also from Rajasthan. He further added that many iconic Indian cricketers have worn the RR shirt, who have been an inspiration for younger talent.
“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 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.
Aditya Mittal said that the IPL has become one of the biggest sporting leagues in the world in a very short time, and RR is one of the original and most iconic teams of the league. Aditya further added that he is honoured and excited to be part of this great team.
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.”
The completion of the deal is subject to customary approvals from the BCCI, the CCI, the IPL Governing Council and other applicable regulatory authorities, and it is expected to close in the third quarter (Q3) of 2026.