File photo of IPL franchise Rajasthan Royals. A consortium of Lakshmi N Mittal, Aditya Mittal and Adar Pooonawala has acquired the IPL franchise Rajasthan Royals and its sister entities (Paarl Royals and Barbados Royals) for around $1.65 billion, TOI has learnt. A press release to that effect is expected to follow shortly.After regulatory checks including approvals from the BCCI, Competition Commission of India (CCI), IPL Governing Council, the Mittal Family will own approximately 75 percent of the franchise, Poonawala 18 percent and the remaining approximately 7 percent by existing investors, including current owner Manoj Badal. The deal is expected to close in the third quarter of 2026.
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Kumar Sangakkara on RR’s win over Punjab KingsArcelorMittal Chairman Lakshmi N. Mittal, CEO Aditya Mittal, Non-Independent Director Vanisha Mittal-Bhatia, Serum Institute of India CEO Adar Poonawalla and Manoj Badale will join the board of The Rajasthan Royals.On 21 March, a consortium led by Kal Somani emerged as the frontrunners to own the franchise for $1.63 billion (£1.2 billion), but the effort hit a snag after it was unable to raise the necessary funding, regulatory uncertainties and the structure of consortium buyers for the IPL franchise.The Somany-backed consortium featured American businessman Rob Walton of the Walmart family and the Hamp family, which also owns a majority stake in the NFL’s Detroit Lions. Sheila Ford Hamp is also part of the Ford family, which has a significant stake in the Ford Motor Company.Rajasthan Royals is currently owned by Manoj Badale’s Emerging Media Ventures, which holds a 65 percent stake in the franchise, with minority investors including American investment management firm RedBird Capital Partners (about 15 percent stake) and Fox Corporation’s Lachlan Murdoch.
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