IPL: Mittal family and Adar Poonawalla buy Rajasthan Royals in Rs 15,660 crore deal
RAJSTHAN,MAY 3 : The Indian Premier League’s changing ownership landscape has produced another major deal, with Rajasthan Royals confirming a landmark change of control months after Royal Challengers Bengaluru’s USD1.78 billion sale to an Aditya Birla-led consortium in March. The Mittal Family, led by Lakshmi N. Mittal and Aditya Mittal, has signed a definitive agreement to acquire the franchise in a deal valued at about USD 1.65 billion, or around Rs 15,660 crore.
The acquisition has been made in partnership with Serum Institute of India CEO Adar Poonawalla, with the consortium buying the franchise from Manoj Badale and his fellow investors. The valuation covers the Royals’ global portfolio, including the IPL side, Paarl Royals in South Africa and Barbados Royals in the Caribbean. The announcement also ends recent speculation that a US-based consortium led by entrepreneur Kal Somani had secured the franchise, after earlier reports of a USD 1.63 billion private equity entry.
Upon completion, expected in the third quarter of 2026, the Mittal Family will hold a 75% stake in the franchise, while Poonawalla will own about 18%. The remaining 7 percent will stay with existing investors, including Badale. The transaction remains subject to customary closing conditions and regulatory approvals from the BCCI, the CCI and the IPL Governing Council. Badale, the face of the Royals’ ownership since the league began in 2008, will remain on the board, with the franchise saying his institutional knowledge will continue to play a role in the club.
In the ongoing Indian Premier League 2026 season, Rajasthan Royals, fueled by 15-year-old wonderkid Vaibhav Sooryavanshi, are in contention for a playoff spot. They currently sit fourth in the 10-team points table with 12 points, just one behind table-toppers Punjab Kings.
For Lakshmi N. Mittal, who was born in the village of Sadulpur in northern Rajasthan, the deal also carries a personal link. He said, ‘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 said, ‘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 will also join the board, said, ‘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.’
Poonawalla said, ‘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.’
Badale described his time with the franchise as the privilege of a lifetime.
He said, ‘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 added, ‘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!’
The deal marks the latest big shift in the IPL’s ownership map, with the Mittal-Poonawalla group set to take control of Rajasthan Royals and its wider global portfolio in 2026, subject to approval, while Badale stays involved at board level.
-PTI
