In a high-stakes ownership shift, industrialist Lakshmi N Mittal and his son Aditya Mittal, alongside Adar Poonawalla, have secured a controlling stake in the Rajasthan Royals with a winning bid of USD 1.65 billion (around ₹15,600 crore).
The deal followed the exit of the Kal Somani-Rob Walton-Sheila Ford Hamp consortium from the bidding process. According to a PTI report, the acquisition, includes not just the IPL team but also the Paarl Royals (South Africa) and Barbados Royals (Caribbean), significantly expanding the group’s global cricket footprint.
Deal twist: Somani consortium exits, Mittals step in
The development comes after the Kal Somani-led consortium, which had initially emerged as the highest bidder, failed to complete the transaction due to funding and due diligence hurdles.
The Mittal family will now hold a dominant 75% stake in Rajasthan Royals, while Adar Poonawalla will own approximately 18%. The remaining 7% will stay with existing investors, including current promoter Manoj Badale, who will continue to play a role in the franchise’s transition.
The deal is subject to regulatory approvals from the BCCI, IPL Governing Council and the Competition Commission of India, and is expected to close by the third quarter of 2026.
Why this deal is a big moment for IPL
Why this deal is a big moment for IPL
The entry of one of India’s most powerful business families into IPL ownership signals the league’s surging valuation and global appeal. For the Mittals, the investment also carries a personal connect. Lakshmi Mittal hails from Rajasthan and has long expressed interest in cricket.
“This is the one IPL team I would want to be part of,” Mittal said, as quoted by PTI.
Aditya Mittal added that the Royals’ reputation for nurturing young talent aligns with their long-term vision, while Poonawalla called the franchise a “premier IPL brand with strong legacy”.
With fresh capital, global ambitions and a high-profile ownership group, Rajasthan Royals now enter a new phase, one that could reshape their position both in the IPL and across global T20 leagues.