(Image source from: Opindia.com)
The ownership situation in the Indian Premier League has changed again with Rajasthan Royals making a big announcement about new owners. This comes just months after Royal Challengers Bengaluru was sold for USD 1.78 billion to a group led by Aditya Birla in March. The Mittal Family, led by Lakshmi N. Mittal and Aditya Mittal, has made an agreement to take over the franchise in a deal worth approximately USD 1.65 billion or about Rs 15,660 crore. They have partnered with Adar Poonawalla, CEO of Serum Institute of India, in this venture to buy the franchise from Manoj Badale and his partners. This deal includes the Royals’ global assets, which involve the IPL team, Paarl Royals in South Africa, and Barbados Royals in the Caribbean. This announcement also puts to rest the rumors that a US-based group led by entrepreneur Kal Somani was going to take over the franchise, following earlier claims about a USD 1.63 billion private equity investment.
Once the deal is finalized, which is expected to happen in the third quarter of 2026, the Mittal Family will own 75% of the franchise, while Poonawalla will hold around 18%. The last 7% will remain with current investors, including Badale. The agreement is still pending typical conditions for closing and approvals from the BCCI, the CCI, and the IPL Governing Council. Badale, who has been the face of the Royals’ ownership since the league started in 2008, will continue to be on the board, with the franchise expressing that his knowledge will still benefit the club. As of now, in the ongoing Indian Premier League 2026 season, Rajasthan Royals, supported by 15-year-old star Vaibhav Sooryavanshi, are fighting for a spot in the playoffs. They are currently in fourth place on the 10-team points list with 12 points, just one behind the top team, Punjab Kings.
For Lakshmi N. Mittal, who grew up in Sadulpur village in northern Rajasthan, this deal is also meaningful on a personal level. He stated, "I am passionate about cricket, and my family comes from Rajasthan, so I couldn't imagine being part of any IPL team other than the Rajasthan Royals. I started playing cricket as a schoolboy, and I have been a huge fan ever since. Many amazing players, including Indian legends, have represented the Rajasthan Royals and inspired younger talent. I am excited to join this fantastic team and look forward to standing with all the fans to support our future achievements".
Aditya Mittal expressed, ‘The IPL has quickly become one of the largest sports leagues globally, and the Rajasthan Royals is one of the founding and most famous teams. Personally, I feel truly honored and thrilled to be a part of this amazing team. The Royals are known for nurturing new talent, which really resonates with me, and we are committed to ensuring that this legacy continues by bringing in the best talent from around the world for future achievements. I want to express my gratitude to everyone who has played a role in establishing Rajasthan Royals as a global sports brand – the players, coaches, the leadership team, and especially the fans. We aim to uphold and build upon its beloved legacy, Halla Bol! ’
Vanisha Mittal-Bhatia, who will join the board as well, stated, ‘From a young age, I developed a passion for cricket from my parents. Our family enjoys sports and has deep love for India, so being part of the future success of the largest cricket league in the world with the Rajasthan Royals is a true honor and privilege. ’
Poonawalla shared, ‘I am very happy to partner with Aditya Mittal in this investment. Rajasthan Royals is a top IPL franchise with a rich history, and I am excited to assist with its ongoing growth and long-term success. ’ Badale reflected on his experience with the franchise as an incredible opportunity. He commented, ‘Being part of the Rajasthan Royals since the beginning has been an incredible opportunity, and I have contributed a small part to what is now the most thrilling and successful cricket league worldwide. I am extremely thankful to the most significant individuals – our fans, as well as our players, coaches, and management teams, both past and present – who have shaped this team into what it is today. ’ He continued, ‘We are thrilled to welcome the Mittal Family and Adar Poonawalla as the new proprietors of the Rajasthan Royals. Their enthusiasm for cricket, their ties to Rajasthan and India, and their forward-looking goals for the franchise make them perfect leaders for this new chapter. I eagerly anticipate working with them and supporting our remarkable team and its devoted fans as the Royals continue to advance. Halla Bol! ’. This agreement signifies another significant change in the IPL’s ownership landscape, with the Mittal-Poonawalla group expected to take charge of Rajasthan Royals and its broader global portfolio in 2026, pending approval, while Badale will remain involved at the board level.
