Bengaluru: Well-known industrialist Lakshmi N Mittal and his son Aditya Mittal on Sunday announced they have reached a "definitive agreement" to acquire a majority stake in Rajasthan Royals, in partnership with Serum Institute of India CEO Adar Poonawalla and Manoj Badale.
The consortium led by the Mittal family paid USD 1.65 billion (approximately Rs 15,600 crore) to take acquisition of Rajasthan Royals - the inaugural IPL champions in 2008. The news comes after the Kal Somani-Rob Walton-Sheila Ford Hamp consortium pulled out of the race.
The transaction consideration represents the enterprise value of Rajasthan Royals' men's franchise, Paarl Royals and Barbados Royals. Following the completion of the deal, the Mittal family will own approximately 75 per cent of Rajasthan Royals, with Adar Poonawalla holding around 18 per cent.
New buyer for Rajasthan Royals as original bidders fail exclusivity period: ReportThe remaining seven per cent will be held by approved existing investors, including Badale. The restructured Rajasthan Royals board will comprise Lakshmi N Mittal, Aditya Mittal, Vanisha Mittal-Bhatia, Poonawalla and Badale.
The completion of the deal is subject to customary closing conditions, including approvals from the BCCI, the CCI, the IPL Governing Council and other applicable regulatory authorities. The deal is expected to close in the third quarter (Q3) of 2026.
Earlier, the US-based consortium led by Somani had offered USD 1.63 billion but it didn't pass due diligence due to multiple issues, as per sources.
Lakshmi Mittal, who was born in Sadulpur in North of Rajasthan, said: "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."
Mittal's son Aditya said: "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."
Poonawalla, who had earlier unsuccessfully bid for RCB, 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."
Former principal owner Badale, who will still be a part of the decision-making board, said: "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."