Mittal family, Adar Poonawala acquire Rajasthan Royals in $1.65 billion deal

The Mittal family has reached an agreement to acquire a majority stake in the IPL’s Rajasthan Royals franchise, in partnership with Adar Poonawala. The deal is expected to close in the third quarter of 2026, subject to approvals from the BCCI, CCI and IPL Governing Council.

As reported by The Economic Times, the Mittal family will own 75% of the stake, Poonawala is set to hold an 18% stake, and existing investors, including Manoj Badale, will hold the remaining 7%. The deal is valued at a whopping USD 1.65 billion.

This comes after the previously proposed USD 1.63 billion takeover of the club - led by Kal Somani with Rob Walton (Walmart) and the Hamp (Ford) families as partners - fell through due to funding and regulatory constraints.

“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 in a statement.

The deal also includes ownership of Paarl Royals in South Africa and Barbados Royals in the Caribbean, the Royals’ sister franchises. Members of the new ownership group, including Lakshmi N. Mittal, Aditya Mittal, Vanisha Mittal-Bhatia, Adar Poonawalla and current co-owner Manoj Badale, will join the board of Rajasthan Royals.

“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.

Badale, during his time as franchise owner, has contributed significantly to the Royals’ development into one of the talent factories of the IPL. He is expected to be involved in a supporting role due to his expertise in cricketing operations. 

“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.