A consortium led by Lakshmi Mittal,Aditya Mittal and Adar Poonawalla has acquired Rajasthan Royals and its sister entities - Barbados Royals and Paarl Royals for $1.65 billion. After regulatory checks and approvals from the Board of Control of Cricket in India (BCCI), the Competition Commission of India (CCI) and the IPL Governing Council, the Mittal family will take over 75 percent stakes in the franchise. 18 percent of the shares will be held by Poonawalla, and the remaining seven percent will be acquired by current investors, including Manoj Badale. The deal is expected to be finalised later this year.
On March 21, the Kai Somani-led consortium emerged as the front-runner to own the franchise for $1.63 billion, but the deal could not be finalised after being unable to raise funds, regulatory uncertainties and the structure of buyers of the consortium for the IPL franchise.
"Mr Badale will continue to support Rajasthan Royals, acting as a bridge between the past and the present, and bringing his deep knowledge and experience of cricket to the franchise," the consortium said in a joint statement.
The news comes amid strong showings from Rajasthan Royals (RR), who have won six out of the 10 matches in IPL 2026, with Vaibhav Sooryavanshi in the spotlight.
"My family is from Rajasthan, so there is no IPL team that I would rather be part of than the Rajasthan Royals. I first played cricket as a schoolboy, and since then I have been an avid fan of the sport. Many great players have worn the Rajasthan Royals shirts, including Indian icons of the sport who have been an inspiration for the younger talent. I look forward to being part of this great team, and cannot wait to join all the fans on the pitch-side to cheer on our future success," Lakshmi Mittal said in the joint statement.
Poonawalla added, "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."
"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. I very much look forward to working alongside them, and to supporting our extraordinary team and its loyal fans as the Royals continue to grow," Badale said.
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Faham Uddin is a seasoned sports journalist currently working as a Special Correspondent on the sports desk. With over eight years of diverse experien...View More
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