Mittal-Poonawalla Consortium to Acquire Rajasthan Royals in $1.65 Billion Deal

Mittal-Poonawalla led consortium has agreed to acquire Rajasthan Royals and sister franchises in a $1.65 billion deal, pending approvals.

A consortium led by Lakshmi N Mittal, Aditya Mittal and Adar Poonawalla has agreed to acquire Rajasthan Royals and its sister teams, Paarl Royals and Barbados Royals, in a deal worth $1.65 billion.

The transaction is set for completion in the third quarter of 2026, pending approvals from the Board of Control for Cricket in India, the Competition Commission of India and the IPL Governing Council.

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After the takeover, the Mittal family will hold about 75 percent of the franchise. Poonawalla will own around 18 percent, while existing investors, including Manoj Badale, will keep the remaining stake. The new board will include Lakshmi Mittal, Aditya Mittal, Vanisha Mittal-Bhatia, Adar Poonawalla and Manoj Badale. Badale, who bought the team for $67 million in 2008, will continue in an advisory role.

Manoj Badale Welcomes New Ownership

Lakshmi N Mittal shared his enthusiasm after agreeing to acquire Rajasthan Royals, highlighting his long-standing love for cricket and family roots in Rajasthan. He said the franchise holds special meaning for him and added that he looks forward to supporting its future success.

Aditya Mittal also expressed excitement about joining the IPL setup and becoming part of the franchise’s journey. Adar Poonawalla said he is pleased to partner in the investment and described Rajasthan Royals as a team with strong legacy and growth potential. He added that he aims to contribute to its long-term development.

“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,” Lakshmi N Mittal was quoted as saying by Moneycontrol.

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Former owner Manoj Badale welcomed the new investors and backed their vision.

“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,” Badale was quoted as saying.