IN A FRESH DEVELOPMENT, Indian Premier League (IPL) franchise Rajasthan Royals (RR) has now been sold to a consortium led by steel magnate, Lakshmi N. Mittal, his son Aditya Mittal, and Serum Institute CEO, Adar Poonawalla.
The deal is valued at approximately ₹15,600 crore ($1.65 billion), making it one of the largest franchise transactions in cricket history. This acquisition follows the collapse of an earlier agreement with a US-led consortium headed by entrepreneur Kal Somani, which had initially emerged as the frontrunner.
“Following completion, the Mittal family will own approximately 75% of Rajasthan Royals, with Adar Poonawalla holding approximately 18%. The remaining approximately 7% will be held by approved existing investors, including Manoj Badale,” a media statement said.
The transaction also includes RR’s associated global teams, Paarl Royals (SA20, South Africa), Barbados Royals (CPL, Caribbean). The deal is expected to close in Q3 2026, subject to approvals from the BCCI, IPL Governing Council, and Competition Commission of India (CCI).
Mittal’s son Aditya said: “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.
Poonawalla commented: “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.”
Former principal owner Badale added: “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. 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.”
The earlier agreement with the Kal Somani-led consortium, valued at around $1.63 billion, collapsed due to multiple issues including funding constraints as the consortium reportedly failed to secure sufficient financing to complete the acquisition. It seems concerns were raised over the composition and structure of the investor group and reports suggest the deal did not pass due diligence requirements. Ongoing legal entanglements and legacy ownership issues (including past controversies linked to former stakeholders) added complexity. The Somani group reportedly failed to complete the deal within the exclusivity window, opening the door for alternative bidders.
The franchise is expected to undergo strategic and financial transformation under the new ownership. Increased capital infusion could lead to stronger player investments, enhanced global brand expansion, and improved infrastructure and academies.
