“Lakshmi N. Mittal and Aditya Mittal today announce that a definitive agreement has been reached to acquire the Rajasthan Royals, in partnership with Adar Poonawalla, from Manoj Badale and consortium,” the team said in a statement.
The Mittal family will be the majority stakeholder of the franchise, owning 75 percent, while billionaire Adar Poonawalla has acquired 18 per cent stake. Poonawalla has been the CEO of Serum Institute of India — the firm which developed COVISHIELD, one of the COVID-19 vaccines used in India.
“The transaction consideration is approximately US$1.65 billion and represents the enterprise value of Rajasthan Royals’ men’s franchise, Paarl Royals and Barbados Royals. Completion is subject to customary closing conditions, including approvals from the BCCI, the CCI, the IPL Governing Council and other applicable regulatory authorities, and is expected to occur in Q3 2026,” the franchise added.
Rajasthan Royals becomes the second franchise to be acquired this year after Royal Challengers Bengaluru, which was sold for Rs. 16,660 crore. It had won the inaugural edition of the IPL in 2008.
Lakshmi is the executive chairman of ArcelorMittal, one of the biggest steelmaking companies in the world, while Aditya, his son, is the CEO of the firm.
The company also holds a three per cent stake in EFL Championship football club Queens Park Rangers, while Lakshmi has roots in Rajasthan, from where the IPL franchise hails.
“I love cricket and my family is from Rajasthan, so there is no IPL team that I would rather be part of than the Rajasthan Royals. I first played cricket as a schoolboy, and since then I have been an avid fan of the sport,” Lakshmi said.
The acquisition comes nearly two months after the reported bid by US-based investor Kal Somani, which was also looking to acquire a 100 per cent stake in the franchise for USD 1.63 billion (Rs. 16,290 crore).
However, that deal could not be completed, shortly after which the Mittal Family, along with Poonawalla and Manoj Badale, who was already a co-owner of the Royals, took over the team.
“Mr. Badale will continue to support Rajasthan Royals, acting as a bridge between the past and the present, and bringing his deep knowledge and experience of cricket to the franchise,” the Royals said in a statement.
Published on May 03, 2026
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