Rajasthan Royals get new owners as Mittal family, Adar Poonawalla acquire Indian Premier League outfit

New Delhi: One of the biggest deals in the history of the IPL has been announced. Veteran industrialist and 'Steel King' Lakshmi Niwas Mittal, along with his son Aditya Mittal, has joined forces with Adar Poonawalla to reach an agreement to acquire the Rajasthan Royals. This deal has been finalized at approximately $1.65 billion (roughly ₹15,600 crore), a figure that underscores the global valuation of the Royals franchise.

The New Ownership Structure: Who Holds What Stake?

Following this new agreement, the composition of the Rajasthan Royals' board will undergo a complete transformation. The Mittal family will hold the largest stake in the team—specifically, 75 percent. Meanwhile, Adar Poonawalla of the Serum Institute will hold an 18 percent share. The remaining 7 percent stake will be retained by the current owner, Manoj Badale, and a few other investors. Manoj Badale will continue to remain associated with the team to ensure seamless coordination between the outgoing and incoming management teams.

Why Did the Previous Deal Fall Through?

According to reports, a consortium led by Kal Somani had previously submitted a successful bid to acquire the Rajasthan Royals. However, at the eleventh hour, they encountered difficulties in arranging the necessary funds, which ultimately prevented the deal from being finalized. Subsequently, the Mittal family and Poonawalla stepped in to execute this historic transaction.

Has The Entire 'Royals Family' Been Sold?

The valuation of $1.65 billion applies not merely to the IPL team alone. The Rajasthan Royals organization owns two other major global franchises: the Paarl Royals in South Africa and the Barbados Royals in the Caribbean Premier League. This deal has been structured based on the combined enterprise value of all three teams. However, for the acquisition to be fully implemented, it still requires approval from regulatory bodies such as the BCCI and the IPL Governing Council—approvals that are expected to be granted by late 2026.

What is Lakshmi Mittal’s Connection to Rajasthan?

Following the acquisition of the team, Lakshmi Niwas Mittal remarked that his family originally hails from Rajasthan; therefore, for him, the Rajasthan Royals is not merely a sports franchise, but a matter of deep sentiment and passion. He said, "I am very excited to be a part of this great team and look forward to sitting on the sidelines, cheering for the team alongside the fans." Meanwhile, Aditya Mittal stated that he aims to further carry forward the Rajasthan Royals' legacy of nurturing new talent.

What Are Reactions from Adar Poonawalla and Manoj Badale?

Expressing his delight over this partnership with Aditya Mittal, Adar Poonawalla affirmed that they would work towards ensuring the team's long-term success. On the other hand, the team's long-standing principal owner, Manoj Badale, remarked that the entry of prominent names—such as the Mittal family and Poonawalla—into the team is a matter of great pride. He extended his gratitude to the fans and players who have given the Rajasthan Royals its distinct 'Halla Bol' identity.