A consortium led by Lakshmi N Mittal, Aditya Mittal and Adar Poonawalla has signed a definitive agreement to acquire Rajasthan Royals and its associated franchises, Paarl Royals and Barbados Royals, in a deal valued at approximately $1.65 billion.

The transaction is subject to regulatory clearances from the Board of Control for Cricket in India, the Competition Commission of India and the IPL Governing Council, with completion targeted for the third quarter of 2026.

The development effectively displaces a previously reported $1.635 billion agreement involving a US-based investor group led by Kal Somani, alongside Rob Walton's and Sheila Ford Hamp’s family interests. That bid, despite advancing through multiple rounds, did not clear due diligence requirements, though specific reasons remain unconfirmed. The franchise, originally acquired in 2008 for $67 million by Emerging Media, has since witnessed a substantial rise in valuation, reflecting broader commercial growth within the league.

Ownership shift and board composition

Post-acquisition, the Mittal family is expected to hold around 75 percent ownership, with Adar Poonawalla securing approximately 18 percent. Existing stakeholders, including current owner Manoj Badale, will retain the remaining share. The revised ownership structure will see Lakshmi N Mittal, Aditya Mittal, Vanisha Mittal-Bhatia, Adar Poonawalla and Manoj Badale joining the Rajasthan Royals board.

Badale, who has been associated with the franchise since its inception, will continue in an advisory capacity. The shift formalises a transition from a diverse investor base to a more concentrated ownership group, while maintaining continuity in governance through existing representation. The earlier Somani-led consortium, which included established US sports investors, had emerged ahead of competitors such as Avram Glazer’s Lancer Capital, Capri Group and the Aditya Birla Group during the bidding process but did not proceed to finalisation.

Statements underline intent amid formalities

Lakshmi N Mittal was quoted by MoneyControl as saying.

“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."