The Mittal Family, led by Lakshmi N. Mittal and Aditya Mittal, has reached a definitive agreement to acquire the Rajasthan Royals from Manoj Badale and his consortium. The landmark deal is being executed in partnership with Adar Poonawalla.
What is the new Ownership of Rajasthan Royals?
Following completion, the Mittal Family will own approximately 75% of the Rajasthan Royals, Adar Poonawalla will hold approximately 18%, and the remaining approximately 7% will remain with approved existing investors, including Manoj Badale. Badale will continue his association with the franchise, serving as a vital bridge between its past and future while contributing his extensive cricket knowledge and experience.
The acquisition includes not only the IPL team but also the Royals' international franchises
- Paarl Royals in South Africa's SA20 league and Barbados Royals in the Caribbean Premier League (CPL).
The transaction is valued at an enterprise value of approximately US$1.65 billion for the men's IPL franchise and the two overseas teams. Completion is subject to customary closing conditions, including necessary approvals from the BCCI, the Competition Commission of India (CCI), the IPL Governing Council, and other regulatory authorities. The deal is expected to close in Q3 2026.
Lakshmi N. Mittal, Aditya Mittal, Vanisha Mittal-Bhatia, Adar Poonawalla, and Manoj Badale will all join the board of the Rajasthan Royals.
The Mittal Family has strong ties to Rajasthan. Lakshmi N. Mittal was born and raised in the village of Sadulpur in North Rajasthan, giving the acquisition deep personal and cultural significance.
Lakshmi N. Mittal, said: "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. I first played cricket as a schoolboy, and since then I have been an avid fan of the sport. Many great players have worn the Rajasthan Royals shirts, including Indian icons of the sport who have been an inspiration for the younger talent. I look forward to being part of this great team, and cannot wait to join all the fans pitch-side to cheer on our future success. "
Aditya Mittal, said: "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 - the players, coaches, leadership team, and above all the fans. We intend to continue and enhance its cherished legacy Halla Bol!"
Manoj Badale, said: "It has been the privilege of a lifetime to be involved with the Rajasthan Royals from inception, and to have played a small part in building what has become the world's most exciting and successful cricket league. I am hugely grateful to the most important people - our fans, as well as our players, coaches and management teams - past and present - who have made this team what it is. "
