The changing ownership landscape of the Indian Premier League has produced another major deal, with Rajasthan Royals confirming a landmark change of control months after Sale of Royal Challengers Bengaluru USD 1.78 billion a consortium led by Aditya Birla in March. The Mittal family, led by Lakshmi N. Mittal and Aditya Mittal, signed a definitive agreement to acquire the franchise for about $1.65 billion, or about Rs 15,660 crore.
The acquisition was made in partnership with Serum Institute of India CEO Adar Poonawalla, with the consortium buying the franchise from Manoj Badal and his fellow investors. The award includes the Royals’ global portfolio, including IPL side Paarl Royals in South Africa and Barbados Royals in the Caribbean. The the announcement also ends recent speculation that the franchise has been secured by an American consortium led by businessman Kal Somani, following earlier reports of a $1.63 billion private equity investment.
Upon completion, 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 percent will remain with existing investors, including Badala. The transaction remains subject to customary closing conditions and regulatory approvals from the BCCI, CCI and the IPL Governing Council. Badale, the face of Royals ownership since the league’s inception in 2008, will remain on the board, with the franchise saying his institutional knowledge will continue to play a role at the club.
In the ongoing Indian Premier League 2026 season, Rajasthan Royals, powered by 15-year-old prodigy Vaibhav Sooryavanshi, are vying for a place in the playoffs. They are currently fourth in the 10-team points table with 12 points, just one behind the leaders Punjab Kings.
HOMECOMING FOR MITTAL
For Lakshmi N. Mittal, who was born in the village of Sadulpur in northern Rajasthan, the deal also has a personal connection. He said: “I love cricket and my family is from Rajasthan, so there is no IPL team I would rather be a part of than Rajasthan Royals. I first played cricket as a schoolboy and have been an avid fan of the sport ever since. Rajasthan Royals shirts have been worn by many great players, including Indian icons of the sport who have been an inspiration to younger talents. I look forward to being a part of this great team and can’t wait to join all the fans on the pitch, to cheer for our future success.”
Aditya 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 Royals is well known for developing new talent – this resonates with me deeply and we are determined to continue the legacy and use the best talent in the world for future success. I want to thank everyone who helped build Rajasthan Royals in a global sporting institution – to the players, coaches, management team and above all the fans. We intend to carry on and extend his precious legacy, Halla Bol!”
Vanisha Mittal-Bhatia, who will also become a member of the board, said: “I have inherited a love of cricket from my parents from an early age. Our family loves sports and we love India, so to be part of the future success of the biggest cricket league in the world with Rajasthan Royals is an honor and a privilege.”
Poonawalla said: “I am delighted to be working with Aditya Mittal on this investment. Rajasthan Royals is a premier IPL franchise with a strong heritage and I look forward to supporting its continued growth and long-term success.’
Badale described his time with the franchise as the privilege of a lifetime.
He said: ‘It has been the privilege of a lifetime to be involved with Rajasthan Royals from the beginning and to play a small part in building what has become the world’s most exciting and successful cricket league. I am extremely 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 Rajasthan Royals. Their passion for cricket, their connection with Rajasthan and India and their long-term ambitions for the franchise make them the ideal stewards for the next chapter. I very much look forward to working with them and supporting our extraordinary team and its loyal fans as Royals continues to grow. Halla Bol!”
The deal marks the latest major shift in the IPL ownership map, with the Mittal-Poonawalla group poised to take control of Rajasthan Royals and its wider global portfolio in 2026, subject to approval, while Badale remains involved at board level.
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Issued by:
Akshay Ramesh
Published on:
03 May 2026 14:20 IST
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