Rajasthan Royals acquisition: Mittals and Poonawalla in $1.65 billion deal
The Mittal family will reportedly hold around 75% ownership following completion of the transaction
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Published: May 4, 2026 8:46 AM | 1 min read
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- Lakshmi Narayan Mittal and Aditya Mittal, in partnership with Adar Poonawalla, have agreed to acquire the Rajasthan Royals IPL franchise from a consortium led by Manoj Badale.
- Upon completion of the transaction, the Mittal family will hold approximately 75% ownership, while Poonawalla will own around 18%, and existing investors, including Badale, will retain about 7%.
- The deal values the franchise at approximately $1.65 billion and includes the Rajasthan Royals as well as its overseas teams, Paarl Royals and Barbados Royals.
- The transaction is pending customary approvals from various regulatory bodies and is expected to be finalized in the third quarter of 2026, with key individuals joining the franchise's board post-completion.
Lakshmi Narayan Mittal and Aditya Mittal have agreed to acquire Indian Premier League franchise Rajasthan Royals in partnership with Adar Poonawalla. The franchise is being sold by a consortium of investors headed by Manoj Badale.
According to reports, the Mittal family will hold around 75 per cent ownership following completion of the transaction, while Poonawalla will own approximately 18 per cent. The remaining stake of about 7 per cent will continue to be held by existing investors, including Badale.
Badale is expected to remain associated with the franchise, supporting its transition and contributing his experience in the sport.
The deal values the business at approximately $1.65 billion and includes not only the Rajasthan-based IPL team but also its overseas franchises – Paarl Royals in South Africa and Barbados Royals in the Caribbean.
The transaction is subject to customary approvals, including those from the Board of Control for Cricket in India, the Competition Commission of India and the IPL Governing Council, along with other regulatory authorities. It is expected to be completed in the third quarter of 2026.
Following the completion, Lakshmi Narayan Mittal, Aditya Mittal, Vanisha Mittal-Bhatia, Adar Poonawalla and Manoj Badale will join the board of Rajasthan Royals.
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