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The ownership structure of Rajasthan Royals is set for a significant change, with the franchise confirming a deal to be acquired by the Mittal Family at a valuation of around USD 1.65 billion (approximately INR 15,660 crore). The move reflects the ongoing shifts in the Indian Premier League’s (IPL) ownership landscape.
The acquisition is being led by Lakshmi N. Mittal and Aditya Mittal in partnership with Serum Institute of India CEO Adar Poonawalla. The consortium will acquire the franchise from Manoj Badale and other existing investors. The deal also includes the Royals’ global portfolio, which spans the IPL team as well as Paarl Royals in South Africa and Barbados Royals in the Caribbean.
The confirmation of the transaction ends recent speculation around alternative buyers, including reports of a US-based consortium led by entrepreneur Kal Somani exploring a deal at a similar valuation.
Once the transaction is completed, expected in the third quarter of 2026, the Mittal Family will hold a 75% stake in the franchise, while Poonawalla will own about 18%. The remaining 7% stake will continue to be held by existing investors, including Badale. The deal remains subject to regulatory approvals from the Board of Control for Cricket in India (BCCI), the Competition Commission of India (CCI), and the IPL Governing Council.
Badale, who has been associated with Rajasthan Royals since the IPL’s inception in 2008, will continue to remain involved as a board member. The franchise stated that his experience will support continuity during the transition.
Meanwhile, on the field, Rajasthan Royals are in contention for a playoff spot in the ongoing IPL 2026 season. The team is currently placed fourth in the 10-team standings with 12 points, just one behind table leaders Punjab Kings.
The deal marks another major development in the IPL’s ownership evolution, with control of the franchise set to transition to the Mittal-Poonawalla consortium, subject to approvals.
This article was originally
published by the 
