In a landmark development in the Indian Premier League, the Rajasthan Royals have confirmed a major change in ownership, with the Mittal family signing a definitive agreement to acquire the franchise in a deal valued at around USD 1.65 billion (approximately ₹15,660 crore).
The acquisition marks one of the biggest transactions in IPL history and comes months after the high-profile sale of Royal Challengers Bengaluru to an Aditya Birla-led consortium.
Consortium led by Mittal family and Adar Poonawalla
The deal is being led by Lakshmi N. Mittal and Aditya Mittal, in partnership with Adar Poonawalla.
The consortium will acquire the franchise from existing promoter Manoj Badale and other investors. The valuation includes the Royals’ global cricket portfolio, comprising the IPL team, Paarl Royals in South Africa, and Barbados Royals in the Caribbean.
Stake distribution and approvals
Upon completion of the transaction, expected in the third quarter of 2026, the Mittal family will hold a 75% stake in the franchise, while Poonawalla will own approximately 18%. The remaining 7% stake will continue to be held by existing investors, including Badale.
The deal is subject to regulatory approvals from the Board of Control for Cricket in India, the Competition Commission of India, and the IPL Governing Council.
Despite the ownership transition, Manoj Badale will remain on the board, ensuring continuity and leveraging his experience since the league’s inception in 2008.
Royals’ current IPL performance
In the ongoing Indian Premier League 2026, Rajasthan Royals are performing strongly and remain in contention for a playoff spot. The team currently sits fourth in the 10-team table with 12 points, just behind leaders Punjab Kings.
The squad has been bolstered by the emergence of young talent, including 15-year-old sensation Vaibhav Sooryavanshi.
Personal connect for Mittal family
For Lakshmi N. Mittal, the acquisition carries a personal significance, given his roots in Rajasthan. He expressed enthusiasm about joining a franchise closely connected to his heritage and passion for cricket.
Aditya Mittal highlighted the IPL’s rapid growth into one of the world’s leading sporting leagues and emphasised the Royals’ legacy of nurturing young talent as a key factor behind the investment.
Vanisha Mittal-Bhatia, who will also join the board, described the move as both an honour and an opportunity to contribute to the future of Indian cricket.
Strategic growth and future outlook
Adar Poonawalla said the partnership aims to strengthen the franchise’s long-term growth and build on its established legacy. The new ownership group is expected to bring financial strength and global expertise to expand the Royals’ footprint.
Manoj Badale welcomed the new investors, stating that their vision and commitment make them ideal custodians for the next phase of the franchise’s journey.
Conclusion
The acquisition signals a significant shift in the IPL’s ownership landscape, underlining the league’s growing global appeal and commercial value. With the Mittal-Poonawalla consortium set to take control, Rajasthan Royals are poised for a new chapter aimed at sustained growth and on-field success.