Mittal Family and Adar Poonawalla Acquire Rajasthan Royals for $1.65 Billion
Jaipur/Mumbai, May 3, 2026 — In a landmark deal that underscores the soaring commercial value of Indian Premier League (IPL) franchises, the Mittal family, led by global steel magnate Lakshmi N. Mittal and his son Aditya Mittal, has partnered with Adar Poonawalla, CEO of Serum Institute of India, to acquire the Rajasthan Royals.
The consortium has signed a definitive agreement to buy the franchise from its current owners, led by Manoj Badale, in a transaction valued at approximately $1.65 billion (around ₹15,600–15,660 crore). The deal encompasses the IPL men’s team as well as the Royals’ international portfolio, including Paarl Royals in South Africa’s SA20 league and Barbados Royals in the Caribbean Premier League (CPL).
Ownership Structure
Following the completion of the transaction, the ownership will be structured as follows:
- The Mittal family will hold approximately 75% stake.
- Adar Poonawalla will own around 18%.
- Existing investors, including the Badale consortium, will retain about 7%.
The acquisition marks a significant shift for the Rajasthan Royals, one of the original IPL teams and winners of the league’s inaugural edition in 2008. The deal is expected to close in the third quarter of 2026, subject to approvals from the BCCI and the Competition Commission of India (CCI). The franchise will continue under its current operational structure for the ongoing IPL 2026 season.
Background and Context
This development comes after an earlier bid by a US-based consortium led by entrepreneur Kal Somani, along with investors including Rob Walton of the Walmart family and the Hamp family (owners of the NFL’s Detroit Lions), valued at around $1.63 billion, did not materialise due to due diligence concerns.
The Rajasthan Royals sale is among the highest valuations in IPL history, trailing only the recent acquisition of Royal Challengers Bengaluru for approximately $1.78 billion. It highlights the growing global appeal of IPL teams, fueled by lucrative media rights deals, sponsorship revenues, and opportunities for international brand expansion.
Industry observers view the entry of the Mittal family and Poonawalla as a boost for the franchise. The Mittals bring extensive international business expertise and financial muscle, while Poonawalla adds strong Indian corporate and entrepreneurial credentials.
The Rajasthan Royals, known for their innovative approach, data-driven strategies, and ability to unearth talent, are now set to enter a new era under one of India’s most prominent business dynasties. Fans and stakeholders will be watching closely to see how this high-profile ownership change shapes the team’s future ambitions both in the IPL and on the global stage.
About The Author
