After missing out on earlier attempts to buy Royal Challengers Bengaluru and losing the first bidding round for Rajasthan Royals, the Mittal family has now successfully acquired a controlling stake in the franchise-proving persistence paid off on the third try.
$1.65 Billion Deal with Strategic Partnership
The family of steel tycoon Lakshmi N. Mittal has signed a definitive agreement to purchase Rajasthan Royals in partnership with Adar Poonawalla. The deal values the franchise at around $1.65 billion. Existing stakeholders led by Manoj Badale will divest most of their holdings, marking India's second major IPL franchise sale in under two months.
Aditya Mittal to Lead Ownership Role
Aditya Mittal will spearhead the investment for the family. He currently serves as CEO of ArcelorMittal and chairman of ArcelorMittal Nippon Steel India.
Previous Bidding Battles
Mittal and Poonawalla had earlier teamed up to bid for Royal Challengers Bengaluru, which was eventually acquired by a consortium led by the Aditya Birla Group along with David Blitzer and the Times family office for a record $1.78 billion. Mittal had also initially lost the Rajasthan Royals bid to the Kal Somani group before that deal collapsed.
Ownership Structure Post-Deal
Once finalized, the Mittal family will hold approximately 75% of the franchise, while Poonawalla will own about 18%. The remaining 7% will stay with Badale and other investors. The board will include Lakshmi Mittal, Aditya Mittal, Vanisha Mittal-Bhatia, Poonawalla, and Badale.
Multi-Franchise Portfolio Included
The valuation includes not just Rajasthan Royals, but also its sister teams-Paarl Royals in South Africa and Barbados Royals in the Caribbean.
Rising Value of Sports Investments in India
Experts say back-to-back high-value IPL deals highlight the growing maturity of India's sports investment ecosystem. According to Ketan Mukhija of Kochhar & Co, franchises are no longer just prestige assets but scalable, revenue-generating platforms backed by media rights, sponsorships, and fan engagement. Increasingly, such assets are being treated as credible long-term investments rather than speculative bets.
From Underdogs to Champions
Rajasthan Royals began as underdogs but stunned the cricketing world by winning the inaugural IPL title in 2008 under Shane Warne. Despite a suspension in 2016-17, the team rebuilt strongly and currently sits fourth in the ongoing IPL season with 12 points from 10 matches.
IPL's Explosive Growth
A report by PwC notes that the IPL has evolved into a media-driven business with stable revenue streams. Its brand value exceeded $10.7 billion in 2024, supported by a ₹48,000 crore ($5 billion) media rights deal for 2023-27. India's overall sports market is projected to reach ₹65,000 crore ($7 billion) by 2029, growing annually at 8-11%.
Regulatory Approvals Pending
The deal is subject to approvals from the Board of Control for Cricket in India, the Competition Commission of India, and the IPL Governing Council. Completion is expected between July and September 2026.
Advisory Teams Involved
The buyer consortium was advised by Latham & Watkins LLP, Cyril Amarchand Mangaldas, and Trilegal. Financial guidance came from Goldman Sachs, with tax advisory by Price Waterhouse & Co LLP. The seller was advised by Raine Group, alongside Deloitte, EY, Macfarlanes LLP, and AZB & Partners.
Leadership Reactions
Aditya Mittal expressed excitement about joining one of the IPL's most iconic teams, noting the league's rapid rise as a global sporting powerhouse. Adar Poonawalla added that he looks forward to supporting Rajasthan Royals' long-term growth and success, calling it a franchise with a strong legacy and immense potential.