Mumbai: In a landmark development in the global sports and entertainment landscape, the Mittal Family has announced the acquisition of a majority stake in the Rajasthan Royals, one of the founding franchises of the Indian Premier League (IPL), in partnership with Adar Poonawalla.
Lakshmi N. Mittal and Aditya Mittal confirmed that a definitive agreement has been reached to acquire the franchise from Manoj Badale and his consortium. Upon completion of the transaction, the Mittal Family will hold approximately 75% ownership, while Adar Poonawalla will own around 18%. The remaining 7% stake will continue to be held by approved existing investors, including Manoj Badale.
As part of the transition, Manoj Badale will remain associated with the franchise, providing continuity and strategic guidance, leveraging his longstanding experience with the team.
The transaction, valued at approximately US$1.65 billion, reflects the enterprise value of the Rajasthan Royals’ men’s franchise, along with its international teams — Paarl Royals in South Africa and Barbados Royals in the Caribbean. The deal is subject to customary closing conditions, including approvals from the BCCI, the Competition Commission of India (CCI), the IPL Governing Council, and other regulatory authorities. Completion is expected in the third quarter of 2026.
Post-acquisition, Lakshmi N. Mittal, Aditya Mittal, Vanisha Mittal-Bhatia, Adar Poonawalla, and Manoj Badale will join the board of Rajasthan Royals.
The acquisition also underscores the Mittal Family’s deep-rooted connection with Rajasthan. Lakshmi N. Mittal was born and raised in Sadulpur, in North Rajasthan.
Lakshmi N. 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!”
