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In a landmark development for the Indian Premier League, a high-profile consortium led by steel tycoon Lakshmi N. Mittal, his son Aditya Mittal, and Serum Institute CEO Adar Poonawalla has reached a definitive agreement to acquire the Rajasthan Royals (RR).
The acquisition, valued at approximately $1.65 billion, includes the flagship IPL franchise along with its global affiliates, the Paarl Royals (SA20) and Barbados Royals (CPL). The deal is expected to close in the third quarter of 2026, pending final regulatory nods from the BCCI and the Competition Commission of India.
The New Ownership Structure
Under the terms of the agreement, the Mittal family is set to take a commanding 75 percent stake in the franchise, while Adar Poonawalla—who had previously shown interest in other teams like RCB—will hold approximately 18 percent. Manoj Badale, the man who originally purchased the Royals for a mere $67 million in 2008, will retain a minority stake and transition into an advisory role on the board. This transition marks one of the most significant valuation leaps in sports history, reflecting the exponential growth of the IPL brand over the last two decades.
A Homecoming for the Mittals
For Lakshmi N. Mittal, the acquisition is more than just a business venture; it’s a personal homecoming. Emphasizing his family’s roots in Rajasthan, the ArcelorMittal Chairman expressed his excitement about joining the “Royals” family. “My family is from Rajasthan, so there is no IPL team I would rather be part of,” Mittal stated, adding that he looks forward to cheering for the team pitch-side. Aditya Mittal echoed these sentiments, highlighting the inspiration the franchise provides to young Indian talent.
Poonawalla’s Vision and Advisory Transition
Adar Poonawalla expressed his delight in partnering with the Mittals, citing the strong legacy and long-term growth potential of the Rajasthan Royals. While the ownership changes hands, the expertise of Manoj Badale remains a cornerstone of the new board.
Badale welcomed the new custodians, noting that their passion for the sport and deep connection to India make them the ideal leaders for the franchise’s next chapter. With stars like Vaibhav Sooryavanshi redefining T20 cricket on the field, the Royals appear to be entering a golden era both financially and competitively.