Rajasthan Royals Sold for $1.65 Billion to Mittal Family and Adar Poonawalla

A New Era for the Inaugural Champions

The Indian Premier League landscape has witnessed a monumental shift as the Rajasthan Royals (RR) franchise has been acquired by a powerful consortium for an astounding $1.65 billion. This acquisition marks one of the most significant ownership changes in the history of the world’s premier T20 league, signaling a new chapter for the 2008 IPL winners.

Ownership Breakdown: Who Owns What?

The deal is structured to bring together industry titans and experienced cricket administrators. The UK-based Mittal family has secured a controlling 75% stake in the franchise. Joining them is Adar Poonawalla, the CEO of the Serum Institute of India, who has acquired an 18% stake. The current lead owner, Manoj Badale, will continue his association with the franchise, leading a group of investors that will retain a 7% share.

This comprehensive deal encompasses not only the core IPL franchise but also the global cricket footprint of the Royals, including the Barbados Royals in the CPL and WCPL, and the Paarl Royals in the SA20. The transition is expected to be finalized by the third quarter of 2026, pending regulatory approval from the BCCI and the Competition Commission of India.

The Collapse of the Previous Deal

The path to this acquisition was not without its hurdles. Earlier this year, a deal was reportedly struck with a consortium led by American entrepreneur Kal Somani, including Rob Walton of the Walmart family and the Hamp Family, valued at $1.63 billion. However, that agreement collapsed following reports of insufficient funding. Sources indicate that the Somani-led group failed to meet critical deadlines regarding the verification of available capital, ultimately paving the way for the Mittal family and Poonawalla, who had expressed interest earlier in the bidding process.

Vision for the Future

The new stakeholders have expressed immense enthusiasm regarding their entry into the sport. Lakshmi Niwas Mittal, the renowned steel magnate, highlighted his deep-seated connection to the region and the sport. ‘I love cricket and my family is from Rajasthan, so there is no IPL team I would rather be part of than the Rajasthan Royals,’ Mittal stated. He emphasized his long-standing history with the game and his desire to support the development of young talent.

Adar Poonawalla echoed these sentiments, noting the prestige and legacy associated with the Royals brand. Manoj Badale, who has been instrumental in the franchise’s journey since its inception, expressed confidence in the new ownership. ‘We are delighted to welcome the Mittal Family and Adar Poonawalla as the new owners. Their passion for cricket, their connection to Rajasthan and India, and their long-term ambition for the franchise make them ideal custodians of the next chapter,’ Badale remarked.

On-Field Implications

While the boardroom undergoes a significant transformation, the focus remains on the pitch. The Rajasthan Royals currently sit fourth in the IPL points table, having secured 6 wins in 10 matches. Despite a slight dip in form—losing four of their last six matches after a blistering start to the season—the team remains a strong contender for the playoffs.

As the franchise looks ahead to their upcoming clash against the Gujarat Titans at the iconic Sawai Man Singh Stadium in Jaipur, fans can look forward to a period of stability and continued investment. With a new board featuring the Mittals and Poonawalla set to take the reins, the Rajasthan Royals are poised to build upon their 2008 legacy and chase further glory in the seasons to come.

Strategic Importance

The valuation of $1.65 billion underscores the ever-increasing commercial value of IPL franchises. By retaining Manoj Badale as a bridge between the past and the present, the new owners aim to maintain the cultural identity of the Royals while leveraging the global business expertise of the new consortium. This transition is not merely a change in ownership but a strategic move to solidify the Royals’ position as a global leader in cricket entertainment and professional sports management.