In a significant shift for the Indian Premier League ownership landscape, the Mittal family, renowned steel magnates, alongside billionaire Adar Poonawalla, have finalized a deal to purchase the Rajasthan Royals for Rs 15,660 crore. This acquisition follows the record-breaking sale of Royal Challengers Bengaluru and corrects previous reports regarding the franchise’s future.
Transaction Details and Structure
The deal, valued at approximately USD 1.65 billion or Rs 15,660 crore, involves the Mittal family (led by Lakshmi N. Mittal and Aditya Mittal) and Serum Institute of India CEO Adar Poonawalla. The consortium is purchasing the franchise from Manoj Badale and his fellow investors. This valuation encompasses the entirety of the Royals’ international portfolio, which includes the IPL team as well as the Paarl Royals in South Africa and the Barbados Royals in the Caribbean.
This announcement puts to rest earlier rumors that a US-based group led by Kal Somani or other private equity interests had secured the team. The final ownership structure, expected to be finalized in the third quarter of 2026, will be as follows:
The Mittal Family: 75% stake
Adar Poonawalla: 18% stake
Existing Investors (including Manoj Badale): 7% stake
The transition is currently awaiting standard closing conditions and regulatory clearance from the BCCI, the CCI, and the IPL Governing Council. Manoj Badale, who has fronted the ownership since the league’s 2008 inception, will retain a seat on the board to provide institutional continuity.
Current Team Performance
During the ongoing 2026 IPL season, the Rajasthan Royals are performing strongly with 15 year old prodigy Vaibhav Sooryavanshi playing a key role. The team currently holds the fourth position in the standings with 12 points, trailing the league-leading Punjab Kings by only a single point.
Statements from the New Ownership
For Lakshmi N. Mittal, the acquisition is a homecoming, as he was born in the Rajasthani village of Sadulpur. He expressed his enthusiasm, stating:
“I love cricket and my family is from Rajasthan, so there is no IPL team that I would rather be part of than the Rajasthan Royals. I first played cricket as a schoolboy, and since then I have been an avid fan of the sport. Many great players have worn the Rajasthan Royals shirts, including Indian icons of the sport who have been an inspiration for the younger talent. I look forward to being part of this great team, and cannot wait to join all the fans pitch-side to cheer on our future success.”
Aditya Mittal highlighted the global stature of the league and the team’s culture:
“The IPL has, in a very short space of time become one of the biggest sporting leagues in the world, and the Rajasthan Royals is one of the original and the most iconic teams of the league. Personally, I am so honoured and excited to be part of this great team. The Royals is well known for developing new talent — that resonates deeply with me, and we are determined that legacy will continue, harnessing the best of talent in the world for future success. I want to thank everyone who has helped build the Rajasthan Royals into a global sporting institution — the players, coaches, leadership team, and above all the fans. We intend to continue and enhance its cherished legacy, Halla Bol!”
Vanisha Mittal-Bhatia, who is set to join the board of directors, noted:
“From the earliest age I inherited a love of cricket through my parents. Our family loves sport and we love India, and so to participate in the future success of the biggest cricket league in the world with the Rajasthan Royals is an honour and a privilege.”
Adar Poonawalla shared his excitement regarding the partnership:
“I am delighted to partner with Aditya Mittal on this investment. Rajasthan Royals is a premier IPL franchise with a strong legacy, and I look forward to supporting its continued growth and long-term success.”
Farewell from Manoj Badale
Manoj Badale reflected on his long tenure with the franchise with gratitude:
“It has been the privilege of a lifetime to be involved with the Rajasthan Royals from inception, and to have played a small part in building what has become the world’s most exciting and successful cricket league. I am hugely grateful to the most important people – our fans, as well as our players, coaches and management teams – past and present – who have made this team what it is.”
He further commented on the new leadership:
“We are delighted to welcome the Mittal Family and Adar Poonawalla as the new owners of the Rajasthan Royals. Their passion for cricket, their connection to Rajasthan and India, and their long-term ambition for the franchise make them ideal custodians of the next chapter. I very much look forward to working alongside them, and to supporting our extraordinary team and its loyal fans as the Royals continue to grow. Halla Bol!”
