Mittal Family and Adar Poonawalla Acquire Majority Stake in Rajasthan Royals for $1.65 Billion

The Indian Premier League (IPL) has reached a new commercial benchmark following the announcement that industrialist Lakshmi N. Mittal, his son Aditya Mittal, and Adar Poonawalla have agreed to acquire a majority stake in the Rajasthan Royals

The transaction, valued at USD1.65 billion (AUD2.3 billion), marks a significant transition for one of the league’s foundation franchises.

The deal is a mechanical necessity for the franchise’s global expansion strategy, following the collapse of an earlier USD 1.63 billion bid from a consortium involving Rob Walton and Sheila Ford Hamp due to funding and due diligence challenges.

Restructured Ownership and Global Portfolio

The acquisition extends beyond the domestic IPL team to include the full “Royals” global ecosystem:

• Rajasthan Royals (India, IPL)
• Paarl Royals (South Africa, SA20)
• Barbados Royals (Caribbean, CPL)

Under the definitive agreement reached with Manoj Badale, the Mittal family will hold a 75% controlling interest, while Adar Poonawalla, who previously explored an acquisition of Royal Challengers Bengalurum, will own 18%. The remaining 7% will be retained by existing investors, including Badale, to ensure governance continuity.

Strategic Leadership and Board Composition

The new board is expected to feature a powerhouse of global business leaders, including Lakshmi Mittal, Aditya Mittal, Vanisha Mittal-Bhatia, Adar Poonawalla, and Manoj Badale. Badale’s continued involvement is seen as crucial for maintaining the franchise’s unique “moneyball” culture and talent development pipeline.

Commenting on the acquisition, Lakshmi Mittal , said: “My family is from Rajasthan, so there is no IPL team that I would rather be part of than the Rajasthan Royals.”

Reinforcing the commitment to the franchise’s scouting legacy, Aditya Mittal, added: “The Royals is well known for developing new talent—we are determined that legacy will continue.”

Financial and Market Context

The deal is currently awaiting customary regulatory approvals from the BCCI, the Competition Commission of India, and the IPL Governing Council. Completion is targeted for the third quarter of 2026.

Upon closing, the Rajasthan Royals will be positioned as one of the most financially formidable sporting properties in the world, backed by the steel and vaccine magnates’ significant capital.

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