Rajasthan Royals have changed owners again, with billionaire Lakshmi Mittal joining forces with Adar Poonawalla to buy roughly 93 per cent of the franchise – and its sister teams in South Africa and the Caribbean – for about US $1.65 billion (₹15,660 crore).
“Following completion, the Mittal Family will own approximately 75% of Rajasthan Royals, with Adar Poonawalla holding approximately 18%,” the joint statement confirmed. “The remaining approximately 7% will be held by approved existing investors, including Manoj Badale.”
Key facts first
• The Mittal-Poonawalla consortium replaces a US-based group that had agreed terms in March for US $1.635 billion but never closed the deal.
• Manoj Badale, Royals co-founder and principal owner since 2008, stays on the board and keeps a small stake.
• The acquisition still needs clearance from the BCCI and India’s Competition Commission; both parties expect sign-off during the third quarter of 2026.
• The purchase covers Paarl Royals (SA20) and Barbados Tridents (CPL) as well as the IPL side.
How we got here
The abandoned March agreement was led by Arizona tech investor Kal Somani, backed by NFL franchise owners Rob Walton (Denver Broncos) and Michael Hamp of the Detroit Lions family. Their bid edged out Manchester United co-owner Avram Glazer and several Indian corporate groups, yet it stalled during the paperwork phase. One banker close to that process admitted, “Everything looked done, but the final escrow never landed.”
Mittal and Poonawalla had been circling the Royals – and Royal Challengers Bangalore – for months. When the American consortium faltered, the door re-opened. A person involved in the fresh negotiations said the new bidders “moved quickly and met every financial checkpoint,” easing boardroom nerves created by the earlier delay.
Why does it matter?
The Royals were bought for just US $67 million in 2008; today’s price is nearly 60 times that figure. For the IPL, it is another reminder of its ballooning valuation, while for fans it restores majority ownership to an India-based group.
Mittal, born in Sadulpur, Rajasthan, spoke of the sentimental pull: “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.”
Adar Poonawalla, who runs the Serum Institute of India, said in the same release that he is “excited to blend world-class sport with long-term community work in Jaipur”.
Badale welcomed the partners, adding that he would act “as a bridge between the past and the present, and bring my deep knowledge and experience of cricket” to the table.
Early reaction
A senior BCCI official, asking not to be named while approvals are pending, called the shift “unusual but not unprecedented” and stressed that the board’s main test is “fit and proper ownership, not geographical location”.
Former India batter and TV pundit Sanjay Manjrekar told Star Sports, “Royals have often punched above their weight. Fresh capital could help them retain talent instead of rebuilding every auction.”
Numbers and next steps
• 75 % – share Mittal family will hold
• 18 % – share Poonawalla will hold
• US $1.65 bn – deal value, including overseas teams
• Q3 2026 – target for regulatory sign-off
If the approvals arrive on schedule, the new board – Lakshmi Mittal, Aditya Mittal, Vanisha Mittal-Bhatia, Adar Poonawalla and Manoj Badale – will be in place well before the 2027 auction. Insiders say cricket operations chief Kumar Sangakkara has already briefed the incoming owners on retention priorities.
For now, the franchise waits – richer on paper, keen to prove that off-field upheaval will not derail on-field plans.
