The Mittal family has agreed to buy a majority stake in the Indian Premier League franchise Rajasthan Royals. The deal will be done in partnership with Adar Poonawalla. It is expected to close in the third quarter of 2026. The deal will need approval from the BCCI, CCI, and IPL Governing Council.
As per reports, the Mittal family will hold a 75 percent stake in the team. Poonawalla will own 18 percent. The remaining 7 percent will stay with current investors, including Manoj Badale. The total value of the deal is around USD 1.65 billion.
New ownership group set to lead Royals
This deal comes after an earlier takeover attempt failed. That deal was led by Kal Somani with partners including Rob Walton and the Hamp family. It did not go through due to financial and regulatory issues.
“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. Many great players have worn the Rajasthan Royals shirts, including Indian icons of the sport who have been an inspiration for the younger talent. I look forward to being part of this great team, and cannot wait to join all the fans pitch-side to cheer on our future success,” Lakshmi N. Mittal said.
The deal also includes ownership stakes in Paarl Royals and Barbados Royals. These are sister teams of Rajasthan Royals in other leagues.
“The IPL has, in a very short space of time become one of the biggest sporting leagues in the world, and the Rajasthan Royals is one of the original and the most iconic teams of the league. Personally, I am so honoured and excited to be to be part of this great team. The Royals is well known for developing new talent – that resonates deeply with me, and we are determined that legacy will continue, harnessing the best of talent in the world for future success. I want to thank everyone who has helped build the Rajasthan Royals into a global sporting institution – the players, coaches, leadership team, and above all the fans. We intend to continue and enhance its cherished legacy Halla Bol!” Aditya Mittal said.
“I am delighted to partner with Aditya Mittal on this investment. Rajasthan Royals is a premier IPL franchise with a strong legacy, and I look forward to supporting its continued growth and long-term success,” Adar Poonawalla said.
“It has been the privilege of a lifetime to be involved with the Rajasthan Royals from inception, and to have played a small part in building what has become the world’s most exciting and successful cricket league. I am hugely grateful to the most important people – our fans, as well as our players, coaches and management teams – past and present – who have made this team what it is. We are delighted to welcome the Mittal Family and Adar Poonawalla as the new owners of the Rajasthan Royals. Their passion for cricket, their connection to Rajasthan and India, and their long-term ambition for the franchise make them ideal custodians of the next chapter. I very much look forward to working alongside them, and to supporting our extraordinary team and its loyal fans as the Royals continue to grow. Halla Bol!” Manoj Badale said.
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