In a landmark transaction underscoring the surging commercial value of the Indian Premier League (IPL), the Rajasthan Royals franchise has been acquired by a consortium led by the Mittal family and Serum Institute of India CEO Adar Poonawalla. The deal, valued at approximately US$1.65 billion (around ₹15,660 crore), includes the IPL team along with its global sister franchises, Paarl Royals in South Africa’s SA20 and Barbados Royals in the Caribbean Premier League (CPL).
This marks the second major IPL franchise sale this year, following the acquisition of Royal Challengers Bengaluru. RCB was purchased by a consortium led by Aditya Birla Group, The Times of India Group, Bolt Ventures and private equity firm Blackstone.
The RR deal represents a dramatic increase from the original 2008 purchase price of just $67 million by Emerging Media Ventures, led by British-Indian businessman Manoj Badale, a roughly 24-fold rise in dollar terms.
Under the agreement announced today, the Mittal family (Lakshmi N. Mittal, Aditya Mittal, and Vanisha Mittal-Bhatia) will hold approximately 75% stake, while Adar Poonawalla will own around 18%. Existing approved investors, including current majority owner Manoj Badale, will retain about 7%. Badale will continue in an advisory role and join the board.
The transaction is subject to regulatory approvals from the BCCI, Competition Commission of India (CCI), IPL Governing Council, and other authorities. Completion is expected in Q3 2026, with the current ownership and management structure remaining in place until then. Lakshmi N. Mittal, Aditya Mittal, Vanisha Mittal-Bhatia, Adar Poonawalla, and Manoj Badale will join the Rajasthan Royals board post-completion.
This deal follows the collapse of an earlier reported agreement with a US-based consortium led by entrepreneur Kal Somani, which had bid around $1.63 billion in March 2026.
Lakshmi N. Mittal, Executive Chairman of ArcelorMittal and a native of Rajasthan’s Sadulpur village, expressed strong personal ties: “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 look forward to being part of this great team.”
Aditya Mittal, CEO of ArcelorMittal, highlighted the franchise’s talent development ethos, “The Royals is well known for developing new talent — that resonates deeply with me, and we are determined that legacy will continue.” Adar Poonawalla added, “Rajasthan Royals is a premier IPL franchise with a strong legacy, and I look forward to supporting its continued growth.” Manoj Badale welcomed the new owners, praising their passion and connection to Rajasthan while reaffirming commitment to fans with the iconic “Halla Bol!” slogan.
Founded in 2008 as one of the IPL’s original eight franchises, the Rajasthan Royals won the inaugural season under the captaincy of Shane Warne. Known for a data-driven, frugal approach and unearthing talents like Sanju Samson, Jos Buttler, and emerging Indian stars, the team has maintained a loyal fanbase despite fluctuating on-field success. The acquisition also includes the Royals’ global footprint and academies, positioning it as a major international cricket brand.
The deal is further evidence of IPL teams becoming premium global sports assets, attracting high-net-worth individuals and family offices amid booming media rights and sponsorship revenues. The Rajasthan Royals will continue competing in the ongoing IPL 2026 season under the existing setup. The team is currently at 4th place with 12 points.
