The Mittal family, led by Lakshmi N Mittal and Aditya Mittal, reached a definitive agreement to acquire the Rajasthan Royals (RR) in partnership with Serum Institute of India Chief Executive Officer Adar Poonawalla from Manoj Badale and his consortium.
The transaction values the franchise at approximately $1.65 billion and includes the Rajasthan Royals’ Indian Premier League (IPL) team, along with Paarl Royals in South Africa and Barbados Royals in the Caribbean.
Following completion, the Mittal family will hold about 75 per cent stake, while Poonawalla will own around 18 per cent. The remaining 7 per cent will stay with approved existing investors, including Badale.
Approvals pending; deal expected by Q3 2026
The acquisition remains subject to approvals from the Board of Control for Cricket in India (BCCI), the Competition Commission of India (CCI), the IPL Governing Council, and other regulatory authorities. The deal is expected to close in the third quarter of 2026.
Lakshmi Mittal, Aditya Mittal, Vanisha Mittal-Bhatia, Adar Poonawalla and Manoj Badale will join the board of Rajasthan Royals.
“Badale is set to continue in a supporting role, acting as a bridge between the existing management and the new ownership,” according to the media release.
Mittals cite Rajasthan roots, IPL growth appeal
Lakshmi Mittal highlighted his personal connection with the state and the sport.
“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,” he said in the media release.
Aditya Mittal said the IPL had rapidly emerged as one of the biggest sporting leagues globally and described the Royals as one of its most iconic teams.
Vanisha Mittal-Bhatia said the family’s association with sport and India made the investment “an honour and a privilege”.
Poonawalla said he looked forward to supporting the franchise’s long-term growth.
Why Kal Somani-led US consortium missed out
The US-based consortium led by Kal Somani fell out of contention for the
Rajasthan Royals acquisition after failing to firm up funding and resolve structural hurdles during the exclusivity period.
The group, which had attracted high-profile global investors such as Walmart heir Rob Walton — owner of the National Football League’s Denver Broncos — and Sheila Ford Hamp of the Detroit Lions, struggled to translate interest into binding financial commitments.
People aware of the development said the proposed $1.63-billion transaction faced delays due to gaps in capital commitments, regulatory complexities, and difficulties in structuring the consortium.
These challenges prevented the group from meeting timelines required to close the deal, allowing the Mittal family-led consortium, backed by Adar Poonawalla, to emerge as the preferred bidder.
Advisers and transaction details
The buyer consortium was advised by Latham & Watkins, Cyril Amarchand Mangaldas and Trilegal as legal counsel, Goldman Sachs as financial adviser, and Price Waterhouse & Co as tax adviser.
Raine Group managed the sale process and acted as commercial adviser to the seller consortium, alongside Deloitte, EY, Macfarlanes, and AZB Partners.
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