Mittal family, Adar Poonawala acquire Rajasthan Royals for around $1.65 billion cricket news
A consortium of Lakshmi N Mittal, Aditya Mittal and Adar Poonawalla has acquired IPL suffrage Rajasthan Royals TOI has learned that it and its affiliates (Parl Royals and Barbados Royals) have been bought for about $1.65 billion. A press release to this effect is expected soon.Following regulatory scrutiny including approvals from BCCI, Competition Commission of India (CCI), IPL Governing Council, the Mittal family will own approximately 75 per cent of the franchise, Poonawalla will own 18 per cent and the remaining approximately 7 per cent will be held by existing investors, including current owner Manoj Badale. The deal is expected to close in the third quarter of 2026.
ArcelorMittal Chairman Lakshmi N. Mittal, CEO Aditya Mittal, non-independent director Vanisha Mittal-Bhatia, Serum Institute of India CEO Adar Poonawala and Manoj Badale will join the board of Rajasthan Royals. On 21st March a Kal Somani-led consortium had emerged as the frontrunner to own the franchise for $1.63 billion. (£1.2 billion) but that effort was hampered by the inability to raise the necessary funds for an IPL franchise, regulatory uncertainties and the composition of the consortium’s buyers.The Somani-backed consortium included American businessman Rob Walton of the Walmart family and the Hamp family, who also have a majority stake in the NFL’s Detroit Lions. Sheila Ford Hemp is also part of the Ford family which owns a significant stake in the Ford Motor Company.Rajasthan Royals are 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.