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Mittals, Poonawalla pad up for Rajasthan Royals with $1.65 billion deal | IPL 2026

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Billionaire steelmaker Lakshmi N Mittal, his son Aditya Mittal, and Serum Institute of India Chief Executive Officer Adar Poonawalla on Sunday announced that they have reached a definitive agreement to acquire over 90 per cent stake in Indian Premier League (IPL) franchise Rajasthan Royals (RR) from existing shareholder Manoj Badale.

 


The transaction is valued at about $1.65 billion, representing the enterprise value of the RR men’s team as well as its associated franchises — Paarl Royals in South Africa and Barbados Royals in the Caribbean. 


Following completion, the Mittal family will hold about a 75 per cent stake in the franchise, while Poonawalla will own around 18 per cent. The remaining 7 per cent will continue to be held by approved existing investors, including Badale. 

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Badale, who has been associated with RR since its inception, will continue to support the franchise in a transitional role.


Besides the IPL team, RR owns Paarl Royals in South Africa’s SA20 league and Barbados Royals in the Caribbean Premier League. 


The deal is subject to customary closing conditions, including approvals from the Board of Control for Cricket in India, the Competition Commission of India, the IPL Governing Council, and other regulatory authorities. It is expected to close in the third quarter of 2026. 

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Lakshmi Mittal said the investment was both a personal and strategic decision, pointing to his roots in Rajasthan and a longstanding association with cricket. He said he has followed the sport since his school days and looks forward to being closely involved with the franchise and engaging with fans. He also referenced the team’s history of producing and backing leading players, including those who have gone on to inspire younger talent. “I cannot wait to join fans pitch-side to cheer our future success,” he said. 


Lakshmi Mittal, Aditya Mittal, daughter Vanisha Mittal-Bhatia, Poonawalla, and Badale will join the board of RR following the completion of the transaction. 


The deal comes amid a wave of ownership changes and high valuations in IPL franchises. In March, a consortium comprising Aditya Birla Group, Bennett Coleman & Co. (The Times Group), Bolt Ventures, and Blackstone’s perpetual private equity strategy BXPE signed a definitive agreement to acquire 100 per cent of Royal Challengers Bengaluru from United Spirits, a subsidiary of Diageo plc. The transaction valued the franchise at ₹16,660 crore and includes both the IPL and Women’s Premier League teams. 


Earlier, in 2025, Torrent Group acquired a 67 per cent stake in Gujarat Titans from CVC Capital Partners for about ₹5,000 crore, while JSW Group acquired a 50 per cent stake in the then Delhi Daredevils (now known as Delhi Capitals) from GMR Group for around ₹550 crore. 

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By partnering Aditya Mittal on the investment, Poonawalla sees RR as a franchise with a strong legacy and room for “continued growth”. He added that he looks forward to “supporting its long-term success”. 


Given that the IPL has rapidly grown into one of the world’s leading sporting leagues, Aditya Mittal described RR as one of its “original and most recognisable teams”. He said the franchise’s focus on identifying and nurturing young talent resonates with the group’s approach, and that the new owners intend to build on that foundation while harnessing its global standing. He also acknowledged the role of players, coaching staff, management, and fans in shaping the franchise so far. 


Mittal-Bhatia credited her interest in the investment to a longstanding family association with sport and cricket, adding that it represents an opportunity to be part of the next phase of growth of the league. 


Badale said it had been a privilege to be involved with RR since the beginning and to help build the franchise into a competitive and widely followed team. He said the incoming investors bring both a strong connection to Rajasthan and a long-term vision for the franchise and that he looks forward to supporting them as the team enters its next phase.

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Opening Day of Roland Garros: Brazilian prodigy Joao Fronseca to play

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Follow the latest on France 24.

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Avalanche superstar Cale Makar returns for Game 3 vs. Golden Knights

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Defenceman Cale Makar will make his return for Game 3 against the Vegas Golden Knights on Sunday (8 p.m. ET / 5 p.m. PT on Sportsnet and Sportsnet+).

Makar missed the first two games of the Western Conference Final with an upper-body injury and watched the Avalanche drop both to head to Vegas in a 2-0 series hole.

The Canadian blue-liner has four goals and an assist while averaging nearly 25 minutes of ice time through the opening two rounds.

Games 1 and 2 starting goalie Scott Wedgewood will return between the pipes in Game 3. The 33-year-old stopped 22 of 24 shots in a Game 2 loss and is operating at a .912 save percentage this post-season.

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David Benavidez urged to ‘stop making excuses’ and fight to prove he’s the world’s best cruiserweight

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David Benavidez has been accused of making “excuses” by taking a “different path”, seemingly distancing himself from the most significant fight at 200lbs.

‘The Mexican Monster’ made his cruiserweight debut earlier this month, becoming a three-division world champion by dethroning Gilberto Ramirez with a sixth-round finish.

But despite claiming Ramirez’s WBO and WBA titles, Benavidez has expressed an interest in moving back down to 175lbs, where he still holds the WBC strap, and facing unified champion Dmitry Bivol.

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This would be for the undisputed light-heavyweight crown, which Bivol claimed by edging a majority decision in his rematch with Artur Beterbiev in February 2025.

Before attempting to reclaim his WBC belt, though, Bivol must first defend two of his three major titles against mandatory challenger Michael Eifert on May 30.

After that, Benavidez will almost certainly be targeting a clash with Bivol, despite cruiserweight rival Jai Opetaia accusing him of taking a “smarter path”.

Speaking with Ring Magazine, the former IBF champion insisted that he would be ready to face Benavidez, but only if the 29-year-old’s team is willing to show the same enthusiasm.

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“That fight’s easy to make on our side. I’ve been ready… I just hear excuses. How bad do you [Benavidez] wanna fight?

“I hear he’s gonna take a different path, and I think he’s gonna to take a smarter path to be honest.”

While still regarded by many as the No.1 cruiserweight, Opetaia no longer has a world title with which to entice Benavidez. Instead, it means his potential showdown with Benavidez would not be a three-belt unification match.

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29-year-old star makes history; shares emotional message following WWE debut

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A 29-year-old professional wrestler has created history by signing with WWE. She made her in-ring debut during a recent show.

The name in question is Martinez (aka Nikki Blackheart). She was invited for a tryout at the Performance Center in February and reportedly signed with the Stamford-based promotion in March. However, the global juggernaut officially announced her signing, along with three other stars (Mason Rook, Marcus Brown, and Lacey Simon), only recently.

Martinez competed inside the WWE ring for the very first time after the May 19 edition of NXT went off the air in a dark match against Skylar Raye. In her second match, she wrestled Masyn Holiday at an NXT House Show in Fort Pierce, Florida, on May 22. She secured wins in both the bouts.

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Earlier today, Martinez took to X (formerly Twitter) to post a photo of herself standing alongside Shawn Michaels. The former CCW Women’s Champion noted that her heart was overflowing with gratitude as she pointed out that she was the first female Dominican wrestler to sign with the wrestling promotion.

“My heart is overflowing with gratitude. You’re looking the first female Dominican wrestler to sign with the WWE🥹🖤 let’s go !” Martinez wrote.

You can check out her tweet below:

Martinez shared an emotional message before her WWE tryout

Martinez had reportedly been on World Wrestling Entertainment’s radar since WrestleMania 41. She also received a lot of praise from Bayley before her trials in February.

Before her tryout, Martinez shared an emotional message on X. She expressed gratitude for everyone who supported her and claimed that she was ready to earn her place in the company.

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“The biggest pinch me moment 🖤 I was officially invited to the @wwe tryout. My heart is overflowing with gratitude for all the moments experienced, all the people that have helped me in my journey, my coach, my loved ones, my classmates, all the promoters that took a chance on me, my lodestone girls, and all my supporters that believed in me from day one. I have so much more to say, but for now all I can say is THANK YOU !! 🖤And I’m ready to earn my place,” Blackheart wrote.

It will be interesting to see when Martinez appears on a televised show.