Lakshmi Narayan Mittal and Aditya Mittal have announced the acquisition of the Indian Premier League (IPL) franchise Rajasthan Royals in partnership with Adar Poonawalla.
The purchase was made from the consortium led by Manoj Badale.
Post-completion, the Mittal family will own approximately 75% of the Rajasthan Royals, while Adar Poonawalla will hold around 18%. The remaining 7% will remain with approved existing investors, including Manoj Badale, according to a statement from the Rajasthan Royals.
Manoj Badale will remain involved with the franchise, acting as a link between its past and future and contributing his extensive knowledge and experience in cricket.
Rajasthan Royals also owns the Paarl Royals in South Africa and the Barbados Royals in the Caribbean. The transaction, valued at approximately US$1.65 billion, covers the enterprise value of the Rajasthan Royals men's franchise along with the two overseas teams.
Completion of the deal is subject to customary conditions, including approvals from the Board of Control for Cricket in India (BCCI), Competition Commission of India (CCI), IPL Governing Council, and other relevant authorities. It is expected to conclude by the third quarter of 2026.
Lakshmi Narayan Mittal, Aditya Mittal, Vanisha Mittal-Bhatia, Adar Poonawalla and Manoj Badale will join the Rajasthan Royals board.
The Mittal family has a strong connection to Rajasthan, as Lakshmi Narayan Mittal was born and raised in Sadulpur village in North Rajasthan.
Lakshmi Narayan Mittal 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. 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."
Aditya Mittal said, "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!"
Vanisha Mittal-Bhatia said, "From the earliest age, I inherited a love of cricket through my parents. Our family loves sport, and we love India, and so to participate in the future success of the biggest cricket league in the world with the Rajasthan Royals is an honour and a privilege."
Adar Poonawalla 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."
Manoj Badale 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!"
The buyer consortium received advice from Latham & Watkins LLP, Cyril Amarchand Mangaldas and Trilegal as legal counsel, Goldman Sachs as financial adviser, and Price Waterhouse & Co LLP as tax adviser. Raine managed the sale process and acted as commercial adviser to the seller consortium, alongside Deloitte as financial adviser, EY as tax adviser, and Macfarlanes LLP and AZB Partners as legal counsel.