Industrialist Lakshmi N. Mittal and his son Aditya Mittal, along with businessman Adar Poonawalla, have acquired a majority stake in Rajasthan Royals for approximately Rs 15,600 crore ($1.65 bn) after the Kal Somani-Rob Walton-Sheila Ford Hamp consortium pulled out of the race. The transaction consideration represents the enterprise value of Rajasthan Royals’ men’s franchise, Paarl Royals and Barbados Royals, a statement by the Mittal family issued Sunday said.
The Mittal family will own approximately 75% of Rajasthan Royals, with Adar Poonawalla holding around 18%, the statement added. The latest transaction follows the entry of the Aditya Birla Group, The Times of India Group, Bolt Ventures, and Blackstone’s perpetual private equity strategy, BXPE, as joint owners of Royal Challengers Bengaluru in March. That deal was valued at Rs 16,660 crore.
“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,” the statement said.
Global Brand Expansion
Completion is subject to customary closing conditions, including approvals from the BCCI, the CCI, the IPL Governing Council and other applicable regulatory authorities. The deal is expected to be closed in the third quarter (Q3) of 2026.
The US-based consortium led by Somani, a serial entrepreneur, had offered $1.63 billion for Rajasthan Royals. But the deal did not go through owing to issues at the due diligence stage, sources said.
The remaining approximately 7% in Rajasthan Royals will be held by existing investors, including Manoj Badale.
The restructured Rajasthan Royals board will comprise Lakshmi N. Mittal, Aditya Mittal, Vanisha Mittal-Bhatia, Adar Poonawalla and Badale.
“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 said.
Paarls Royals and Barbados Royals are franchises under the Royals brand in SA20 (South Africa) and the Caribbean Premier League (CPL) respectively.
IPL’s Maturing Asset Class
The acquisition of Royal Challengers Bengaluru (RCB) in March, for instance, had included both the men’s Indian Premier League franchise and the Women’s Premier League franchise, from United Spirits Limited (USL), a subsidiary of Diageo plc.
Other major deals in 2025 include Torrent Group acquiring a 67% majority stake in the Gujarat Titans from CVC Capital Partners for approximately Rs 5,000 crore, and the JSW Group acquiring a 50% in the then-Delhi Daredevils from GMR Group for approximately Rs 550 crore.