Cricket
oi-Gaurav Sharma
In one of the biggest ownership changes in the IPL, Rajasthan Royals is set to enter a new era after a high-value deal reshaped its control and leadership.
A consortium led by steel magnate Lakshmi N. Mittal, his son Aditya Mittal, and vaccine billionaire Adar Poonawalla has secured a majority stake in the franchise at an enterprise valuation of USD 1.65 billion (around ₹15,600 crore). The deal comes after a rival US-backed bid fell through during due diligence, clearing the path for the Mittal-led takeover.
Rajasthan Royals’ ownership shifts to a consortium led by Lakshmi N. Mittal and Adar Poonawalla for USD 1.65 billion, including global sister franchises, with closure expected in Q3 2026 after necessary approvals.
New Ownership Structure
The ownership of Rajasthan Royals will now be heavily tilted in favour of the Mittal family, who will control nearly 75% of the franchise. Adar Poonawalla will hold approximately 18%, while the remaining 7% stays with existing investors, including Manoj Badale, who has been closely associated with the team since its early years.
Continuity Meets Change
Despite the shift in majority ownership, the transition is designed to maintain continuity. Manoj Badale will remain involved at the board level, ensuring institutional knowledge and stability as the franchise moves forward under new leadership. The restructured board will feature key stakeholders from both the outgoing and incoming groups.
Beyond IPL: A Global Portfolio
The acquisition is not limited to the IPL team. It also includes control over sister franchises – Paarl Royals in South Africa and Barbados Royals – highlighting the growing global footprint of the Royals brand.
What Lies Ahead
The deal is expected to close in Q3 2026, subject to approvals from the Board of Control for Cricket in India, Competition Commission of India, and the IPL Governing Council.
With deep financial backing, strong Indian roots, and a clear focus on long-term growth, Rajasthan Royals now stand at the cusp of a new chapter-one that blends legacy with global ambition in the evolving business of franchise cricket.
