The Indian Premier League is witnessing a major shift in its ownership landscape. The Rajasthan Royals franchise has officially been acquired by a consortium led by industrialist Lakshmi N. Mittal and his son Aditya Mittal in a deal valued at approximately 1.65 billion dollars, which translates to roughly 15,600 crore rupees. This strategic purchase secures the Mittal family a massive seventy five percent stake in the cricket franchise. They are joined in this venture by Serum Institute of India Chief Executive Officer Adar Poonawalla, who will assume an eighteen percent ownership share.
The remaining seven percent of the franchise will be retained by existing approved investors. This includes current lead owner Manoj Badale, who will continue to provide his seasoned guidance to the team. The transaction represents the enterprise value of the global brand, covering not only the Rajasthan Royals men’s team but also their sister franchises, the Paarl Royals in South Africa and the Barbados Royals in the Caribbean.
This acquisition materialised after a previous deal fell through. Earlier, a United States based consortium led by tech entrepreneur Kal Somani, alongside Rob Walton and Sheila Ford Hamp, had offered 1.63 billion dollars. However, that arrangement encountered significant hurdles. Reports indicate the Somani deal collapsed due to funding constraints, regulatory uncertainties, and structural complexities during the final due diligence stages. The collapse of that bid paved the way for the Mittal family to enter with a definitive and well structured agreement. However, reports say that this deal could still run into legal hurdles.
The transition marks a pivotal moment for the league as it cements its position among the most valuable sporting properties globally, coming close on the heels of RCB’s $1.78 billion sale. Approvals from the Board of Control for Cricket in India, the Competition Commission of India, and the governing council of the league are still pending. The final completion of the transaction is anticipated in the third quarter of 2026.
Both Lakshmi Mittal and his son expressed their enthusiasm for the new venture. Lakshmi Mittal shared that he loves cricket and has deep roots in Rajasthan, adding that there is no team he would rather be part of. He noted his lifelong passion for the sport and how he looks forward to cheering for the team pitch side. Aditya Mittal echoed these sentiments, highlighting that the franchise is renowned for developing new talent, a legacy he is determined to continue while harnessing global talent for future success.
Adar Poonawalla also voiced his optimism about the partnership. He mentioned his delight in collaborating with Aditya Mittal and described the team as a premier franchise with a strong legacy, looking forward to supporting its continued growth. Manoj Badale praised the new owners, noting their passion for cricket and long term ambition make them the ideal custodians for the next chapter.
The newly restructured board will feature the Mittals, Poonawalla, and Badale, ensuring a blend of fresh financial backing and historical continuity. This transition reflects a broader trend of high value sporting investments globally, solidifying the immense commercial appeal and prestige of Indian cricket on the world stage, creating immense anticipation.
