A consortium led by Lakshmi Mittal and Adar Poonawalla has acquired a controlling stake in Rajasthan Royals, in one of the biggest deals in the Indian Premier League’s history. The transaction values the franchise at approximately $1.65 billion (around Rs 15,600 crore) and also includes its associated global franchises, Paarl Royals in South Africa’s SA20 league and Barbados Royals in the Caribbean Premier League.
As per media reports, the Mittal family will hold a dominant 75% stake, while Poonawalla will own about 18% post-acquisition. The remaining 7% will stay with existing investors, including Manoj Badale, who will continue to be associated with the franchise.
The deal marks a significant shift in ownership, with the new consortium acquiring the team from Badale and his group. It also underscores the surging valuations and investor appetite for IPL franchises, which continue to attract global capital and high-profile business leaders.
Completion of the transaction is subject to regulatory approvals from bodies including the Board of Control for Cricket in India, the Competition Commission of India, and the IPL Governing Council, and is expected to close by the third quarter of 2026.
Media reports also suggest that once finalised, the new ownership group, including members of the Mittal family and Poonawalla, will be joining the franchise’s board, signalling a new strategic phase for the Royals as they look to expand both on-field performance and global commercial presence.
