Mumbai: The family of steel magnate Lakshmi N. Mittal has signed a definitive agreement to acquire Rajasthan Royals in partnership with Adar Poonawalla in a deal valuing the cricket franchise at around $1.65 billion.
The acquisition is from the current ownership group led by Manoj Badale and consortium investors, the Mittal family said in a statement on Sunday.
“Aditya Mittal will take charge on behalf of the family. The deal was signed last night,” a person with direct knowledge of the development told Mint. As part of the new structure, Lakshmi Mittal, Aditya Mittal, Vanisha Mittal-Bhatia, Adar Poonawalla and Manoj Badale will join the board of Rajasthan Royals.
Once the transaction is completed, the Mittal family will own approximately 75% of the franchise, while Poonawalla will hold approximately 18%.
The remaining 7% will continue to be held by approved existing investors, including Badale, who will remain involved in the franchise, the statement added.
The deal values men’s IPL franchise Rajasthan Royals along with its overseas teams – Paarl Royals in South Africa and Barbados Royals in the Caribbean.
Poonawalla’s involvement comes months after he was linked with a high-profile bidding process for Royal Challengers Bengaluru, which was eventually sold to a consortium led by the Aditya Birla Group in a deal worth around $1.78 billion. His move to Rajasthan Royals signals continued interest among India’s top business families in premium cricket assets.
Completion of the transaction is subject to customary approvals from the Board of Control for Cricket in India, the Competition Commission of India, the IPL Governing Council and other regulatory bodies and is expected between July and September 2026, the statement said.
Aditya Mittal, CEO, Arcelor Mittal said, “IPL has become one of the biggest sports leagues in the world in a very short time and Rajasthan Royals is one of the original and most iconic teams of the league. I am personally very honored and excited to be a part of this great team.”
The deal represents one of the largest transactions involving an Indian Premier League franchise, highlighting the growing value of the premium sporting assets associated with the world’s richest cricket tournament.
“I am delighted to work with Aditya Mittal on this investment. Rajasthan Royals is a leading IPL franchise with a strong legacy and I look forward to supporting its continued growth and long-term success,” said Adar Poonawalla, CEO of the Serum Institute of India.
