In one of the biggest ownership changes in Indian Premier League history, industrialists Lakshmi Narayan Mittal and Aditya Mittal have partnered with Adar Poonawalla to acquire IPL franchise Rajasthan Royals. The deal, valued at nearly $1.65 billion, marks a significant milestone for the cricketing business landscape in India.
The franchise is currently being sold by a consortium of investors led by Manoj Badale. As per reports, the Mittal family is expected to secure a majority stake of around 75% once the transaction is completed. Adar Poonawalla will reportedly hold close to 18%, while the remaining 7% stake will stay with existing investors, including Badale.
Despite the ownership transition, Manoj Badale is likely to remain closely associated with the franchise, offering strategic guidance and continuity during the handover process. His continued presence is expected to support Rajasthan Royals’ future growth and stability.
The acquisition includes not only the Rajasthan Royals IPL franchise but also its international cricket assets – Paarl Royals in South Africa’s SA20 league and Barbados Royals in the Caribbean Premier League. This expands the consortium’s reach across global cricket leagues.
The deal is currently awaiting approvals from key regulatory bodies, including the Board of Control for Cricket in India (BCCI), the Competition Commission of India (CCI), and the IPL Governing Council. Completion is anticipated by the third quarter of 2026.
Following the closure, Lakshmi Narayan Mittal, Aditya Mittal, Vanisha Mittal-Bhatia, Adar Poonawalla, and Manoj Badale are expected to join the Rajasthan Royals board, ushering in a new era for the franchise.
