Mittal Family and Adar Poonawalla Seal Landmark $1.65 Billion Deal for Rajasthan Royals

In a major development in the world of cricket, the Mittal family—led by Lakshmi N. Mittal and Aditya Mittal—has reached a definitive agreement to acquire the Rajasthan Royals, in partnership with Adar Poonawalla. The franchise is being purchased from Manoj Badale and his consortium.

As per the agreement, the Mittal family will hold a majority stake of around 75%, while Poonawalla will own approximately 18%. The remaining 7% will stay with existing investors, including Badale.

The deal comes after a previous bid led by Kal Somani fell through due to funding challenges. Despite stepping back from ownership, Badale will continue to support the franchise, offering continuity and leveraging his extensive experience with the team.

The acquisition, valued at about $1.65 billion, includes not just the IPL team but also its associated franchises—Paarl Royals in South Africa and Barbados Royals in the Caribbean—highlighting the growing global footprint of the Royals brand.

The transaction is subject to regulatory approvals from bodies such as the Board of Control for Cricket in India, the Competition Commission of India, and the IPL Governing Council. It is expected to be completed by the third quarter of 2026.

Expressing his excitement, Lakshmi Mittal said his personal connection to Rajasthan and passion for cricket made this investment especially meaningful. Aditya Mittal emphasized the team’s legacy of nurturing young talent, while Vanisha Mittal-Bhatia highlighted the family’s pride in being part of India’s premier cricket league.

Adar Poonawalla also welcomed the partnership, calling Rajasthan Royals a prestigious franchise with strong potential for future growth.

Reflecting on his journey, Manoj Badale described his association with the Royals as a privilege and expressed confidence in the new ownership, thanking fans, players, and staff for their role in building the franchise’s success.

WIth inputs from IANS