Lakshmi Mittal announces acquisition of Rajasthan Royals franchise

Lakshmi Mittal, the UK-based Indian-born steel magnate, has announced the acquisition of the Rajasthan Royals franchise. A definitive agreement has been reached to acquire the Jaipur franchise, one of the original eight teams of the Indian Premier League (IPL). Adar Poonawalla of Serum Institute of India (SII) and current lead-owner Manoj Badale are part of the consortium that has acquired the franchise for $1.65 billion (INR 15,660 crore).

The announcement comes as a surprise, considering that US-based Kal Somani led-consortium, with Rob Walton (Walmart) and the Hamp (Ford) families as partners, were previously announced as the new owners. The team, which won the IPL title in the inaugural 2008 edition, is currently performing well in IPL 2026 and heading towards the playoffs with teen sensation Vaibhav Sooryavanshi shining.

As per the arrangement, the Mittal Family will be the lead owners with control, holding approximately 75% stake. Adar Poonawalla will have 18%, and the remaining 7% will be held by existing investors, including Manoj Badale, who was the previous lead owner. "Mr Badale will continue to support Rajasthan Royals, acting as a bridge between the past and the present, and bringing his deep knowledge and experience of cricket to the franchise," the consortium said in a joint statement.

The acquisition also covers RR's subsidiaries in South Africa and the Caribbean – Paarl Royals and Barbados Royals. "The completion is subject to customary closing conditions, including approvals from the BCCI, the CCI, the IPL Governing Council and other applicable regulatory authorities, and is expected to occur in Q3 2026," the statement added. Apart from those named, Aditya Mittal and Mrs Vanisha Mittal-Bhatia will also be part of the consortium.

The Mittal Family has a deep connection with Rajasthan. Lakshmi Mittal was born and grew up in the village of Sadulpur, North Rajasthan.

"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 who have been an inspiration for 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," Lakshmi Mittal said.

Poonawalla added: "I am delighted to partner with Aditya Mittal on this investment. Rajasthan Royals is a premier IPL franchise with a strong legacy, and I look forward to supporting its continued growth and long-term success."

"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. I very much look forward to working alongside them, and to supporting our extraordinary team and its loyal fans as the Royals continue to grow," Badale said.

The buyer consortium was advised by Latham & Watkins LLP, Cyril Amarchand Mangaldas and Trilegal as legal counsel, Goldman Sachs as financial adviser, and Price Waterhouse & Co LLP as tax adviser. Raine ran the sale process and acted as commercial adviser to the seller consortium, alongside Deloitte as financial adviser, EY as tax adviser, and Macfarlanes LLP and AZB Partners as legal counsel.