File photo of IPL franchise Rajasthan Royals.
A consortium comprising Lakshmi N Mittal, Aditya Mittal and Adar Pooonawala has acquired the IPL franchise Rajasthan Royals and its sister entities (Paarl Royals and Barbados Royals) for approximately $1.65 billion, TOI has learnt.
A press release to this effect is expected to be issued soon.After regulatory checks including approvals from the BCCI, Competition Commission of India (CCI), and IPL Governing Council, the Mittal family will own approximately 75 percent of the franchise, Poonawala 18 percent, and the remaining approximately 7 percent by existing investors, including current owner Manoj Badel. The deal is expected to be concluded in the third quarter of 2026.
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ArcelorMittal Chairman Lakshmi N Mittal, CEO Aditya Mittal, Non-Independent Director Vanisha Mittal-Bhatia, Serum Institute of India CEO Adar Poonawalla and Manoj Badal will join the Rajasthan Royals board.
On March 21, a consortium led by Kal Somani emerged as the frontrunner to own the franchise for $1.63 billion (£1.2 billion) but the effort hit a snag after being unable to raise the required funds and regulatory uncertainties and structure of the consortium’s buyers for the IPL franchise.
The consortium backed by Soumani included American businessman Rob Walton, of the Walmart family, and the Hamp family, which also owns majority stakes in the NFL’s Detroit Lions. Sheila Ford Hamp is also part of the Ford family that owns a major stake in the Ford Motor Company.Rajasthan Royals is currently owned by Manoj Badal’s Emerging Media Ventures, which holds a 65 per cent stake in the franchise, with minority investors including US investment management firm RedBird Capital Partners (about 15 per cent stake) and Fox Corporation’s Lachlan Murdoch, among others.
