The Mittal Family, led by Lakshmi N. Mittal and Aditya Mittal, has signed a definitive agreement to acquire Rajasthan Royals in a deal valued at approximately USD 1.65 billion, or around Rs 15,660 crore. Serum Institute of India CEO Adar Poonawalla is part of the acquiring consortium, which is buying the franchise from Manoj Badale and his fellow investors.
The deal comes months after Royal Challengers Bengaluru were sold to an Aditya Birla-led consortium for USD 1.78 billion in March, marking another major shift in the IPL’s ownership landscape.
The valuation covers the Royals’ global portfolio, including the IPL side, Paarl Royals in South Africa, and Barbados Royals in the Caribbean. The announcement also puts to rest recent speculation that a US-based consortium led by entrepreneur Kal Somani had secured the franchise, following earlier reports of a USD 1.63 billion private equity entry.
Upon completion, expected in the third quarter of 2026, the Mittal Family will hold a 75% stake in the franchise, with Poonawalla owning around 18%. The remaining 7% will stay with existing investors, including Badale. The transaction is subject to customary closing conditions and regulatory approvals from the BCCI, the CCI, and the IPL Governing Council.
Badale, who has been the face of the Royals’ ownership since the league’s inception in 2008, will remain on the board. The franchise said his institutional knowledge will continue to play a role in the club.
In the ongoing IPL 2026 season, Rajasthan Royals sit fourth in the 10-team points table with 12 points, one behind table-toppers Punjab Kings, with 15-year-old Vaibhav Sooryavanshi among their standout performers.
A Homecoming for Lakshmi N. Mittal
For Lakshmi N. Mittal, born in Sadulpur village in northern Rajasthan, the acquisition carries a personal dimension.
“I love cricket and 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 pitch-side to cheer on our future success,” he said.
Aditya Mittal said: “The IPL has, in a very short space of time become one of the biggest sporting leagues in the world, and the Rajasthan Royals is one of the original and the most iconic teams of the league. Personally, I am so honoured and excited to be part of this great team. 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. I want to thank everyone who has helped build the Rajasthan Royals into a global sporting institution the players, coaches, leadership team, and above all the fans. We intend to continue and enhance its cherished legacy, Halla Bol!”
Vanisha Mittal-Bhatia, who will also join the board, said: “From the earliest age I inherited a love of cricket through my parents. Our family loves sport and we love India, and so to participate in the future success of the biggest cricket league in the world with the Rajasthan Royals is an honour and a privilege.”
Poonawalla said: “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.”
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Badale called his association with the franchise the privilege of a lifetime. “It has been the privilege of a lifetime to be involved with the Rajasthan Royals from inception, and to have played a small part in building what has become the world’s most exciting and successful cricket league. 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.”
He added: “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. Halla Bol!”
The deal is subject to regulatory approval, with the Mittal-Poonawalla group set to take formal control of the franchise and its global portfolio in 2026.