Mittal Family and Adar Poonawalla to Acquire Controlling Stake in Rajasthan Royals for $1.65 Billion

The Mittal family, in partnership with Adar Poonawalla, is set to acquire a controlling stake in Rajasthan Royals.

This significant deal values the franchise at around $1.65 billion and includes the team's global footprint. Existing investors will retain a small stake. The transaction is expected to close in the third quarter of 2026, pending regulatory approvals.

Lalit Kumar Modi hailed the proposed acquisition as “the best news” for the Indian Premier League (IPL). In a post on X, Modi said the entry of “two of the most savvy investors” into the IPL ecosystem ensures the league will remain “in the safest of hands”. He added that it was a moment of personal pride to see the franchise he helped build attract such global capital, indicating that Aditya Mittal is expected to lead the team on behalf of the Mittal family.

The Mittal family — led by Lakshmi N. Mittal and Aditya Mittal — reached a definitive agreement to acquire a controlling stake in Rajasthan Royals alongside Poonawalla. The deal with existing owner Manoj Badale and his consortium values the franchise and its associated teams at around $1.65 billion.

Following completion, the Mittals will hold about 75% of the franchise, while Poonawalla will own roughly 18%. The remaining 7% will stay with existing investors, including Manoj Badale, who will continue to be associated with the team in a supporting role.

The acquisition also covers the Royals’ global footprint, including Paarl Royals in South Africa and Barbados Royals in the Caribbean, underlining the franchise’s expanding international presence.

Lakshmi Mittal said his family’s roots in Rajasthan made the investment particularly meaningful, describing the Royals as the only IPL team he would want to be associated with. Aditya Mittal highlighted the franchise’s legacy of nurturing talent and said the new ownership group intends to build on that foundation.

Poonawalla said he was “delighted” to partner on the investment, calling Rajasthan Royals a premier franchise with strong growth potential. Vanisha Mittal-Bhatia also described the deal as both an honour and a privilege, reflecting the family’s longstanding passion for sport.

Badale, who has been associated with the Royals since inception, welcomed the new investors and said their long-term vision and connection to India make them “ideal custodians” for the next phase of the franchise.

The transaction is expected to close in the third quarter of 2026, subject to regulatory approvals from the Board of Control for Cricket in India, the Competition Commission of India and the IPL Governing Council.

The deal follows the collapse of an earlier proposed $1.63 billion acquisition led by a Somani-backed consortium, which ran into funding and structuring challenges. That consortium included global investors such as Rob Walton and members of the Hamp family but failed to secure firm commitments.

The Rajasthan Royals sale underscores the continued surge in valuations of IPL franchises, as the league cements its position among the world’s most valuable sporting properties, drawing sustained interest from global investors.