In an interesting turn of events, the Mittal Family which is led by Lakshmi N Mittal and Aditya Mittal have reached an agreement to acquire the Rajasthan Royals (RR) in partnership with Serum Institute of India Chief Executive Officer Adar Poonawala from Manoj Badale.
Big change in Rajasthan Royals' ownership
The deal values the franchise at around a whopping $1.65 billion, covering the sister franchises as well like Paarl Royals in SAT20 and Barbados Royals in the Caribbean Premier League.
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Post-competition, the Mittal family will control a 75% stake. On the other hand, the 18% stake will be managed by Adar Poonawalla, with the remaining 7% retained by the existing investors, including Badale.
The media release confirmed that Lakshmi Mittal, Aditya Mittal, Vanisha Mittal-Bhatia, Adar Poonawalla will join the board, while Manoj Badale will continue to act as a mediator between the existing management and the new ownership.
"Badale is set to continue in a supporting role, acting as a bridge between the existing management and the new ownership," said the media release.
Reflecting on the deal, Lakshmi Mittal noted his roots with the state and love towards the sport that made him take interest in the deal.
“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,” said Mittal in the release.
While acknowledging IPL's rapid growth, Aditya Mittal thanked everyone who worked hard to build Rajasthan Royals in a global sporting institution.
"The IPL has, in a very short space of time become one of the biggest sporting leagues in the world, and the Rajasthan Royals is one of the original and the most iconic teams of the league. Personally, I am so honoured and excited to be to be part of this great team. The Royals is well known for developing new talent - that resonates deeply with me, and we are determined that legacy will continue, harnessing the best of talent in the world for future success. I want to thank everyone who has helped build the Rajasthan Royals into a global sporting institution," said Aditya.
The deal still has to receive approvals from the Board of Control for Cricket in India (BCCI), the Competition Commission of India (CCI), The IPL Governing Council, and the other concerned authorities. The deal is could reach a close in the third quarter of 2026.