Mittal Family and Adar Poonawalla Buy Rajasthan Royals for $1.65B
Mittal Family and Adar Poonawalla Buy Rajasthan Royals for $1.65B
A consortium led by Lakshmi Mittal and Adar Poonawalla has acquired the Rajasthan Royals for about $1.65 billion, signaling a bold new chapter for the IPL franchise.
A consortium led by Lakshmi Mittal, Aditya Mittal and Adar Poonawalla has agreed to acquire the IPL franchise Rajasthan Royals and its sister entities for about $1.65 billion. The deal values RR at roughly ₹15,660 crore and is expected to close in the third quarter of 2026, with the Mittal family set to hold a controlling, majority stake once the deal is completed.
Post-completion, the Mittal family will own around 75% of Rajasthan Royals, Adar Poonawalla about 18%, and the remaining 7% will stay with approved existing investors, including Manoj Badale. The deal also covers the RR men's franchise along with Paarl Royals in South Africa and Barbados Royals in the Caribbean, signaling a broader, multi-league sports investment by the new owners.
Board changes will see Lakshmi Mittal, Aditya Mittal, Vanisha Mittal-Bhatia, Adar Poonawalla and Manoj Badale join the board of the Rajasthan Royals. Mittal noted a personal connection to the state, saying the family loves cricket and has roots in Rajasthan, making RR the natural choice among IPL teams.
Closing is subject to approvals from BCCI, the Competition Commission of India, the IPL Governing Council and other regulators. The Rajasthan Royals have a storied IPL history, winning the inaugural 2008 season and earning a reputation for talent development while competing with deeper-pocketed rivals. The new owners aim to leverage a global sports brand spanning India, South Africa and the Caribbean.
Industry observers say the deal could reshape the IPL landscape, bringing stronger financial backing and a broader international footprint for RR, with potential implications for sponsorship, player development and cross-league collaboration in coming seasons.
