Mittal Family buys 75% stake in Rajasthan Royals for USD 1.65 billion; Somani deal falls through

The transaction consideration of USD 1.65 billion reflects the enterprise value of Rajasthan Royals' men's franchise, along with Paarl Royals and Barbados Royals.

Hyderabad: Renowned industrialist Lakshmi N. Mittal and his son Aditya Mittal, along with Adar Poonawalla, have acquired a majority stake in Rajasthan Royals with a bid of USD 1.65 billion (approximately Rs 15,600 crore) after the Kal Somani–Rob Walton–Sheila Ford Hamp consortium pulled out of the race.

The transaction consideration (USD 1.65 billion) represents the enterprise value of Rajasthan Royals’ men’s franchise, Paarl Royals and Barbados Royals.

---

Completion is subject to customary closing conditions, including approvals from the BCCI, the CCI, the IPL Governing Council and other applicable regulatory authorities.

The deal is expected to close in third quarter (Q3) of 2026.

Earlier, the US-based consortium led by Somani had offered USD 1.63 billion but as per sources it didn’t pass due diligence due to multiple issues.

“Lakshmi N. Mittal and Aditya Mittal today announce that a definitive agreement has been reached to acquire the Rajasthan Royals, in partnership with Adar Poonawalla, from Manoj Badale and consortium,” a press release issued by Mittal family stated.

As per the release, the Mittal family will own approximately 75 per cent of Rajasthan Royals, with Adar Poonawalla holding around 18 per cent.

The remaining approximately 7 per cent will be held by approved existing investors, including Manoj Badale.

The restructured Rajasthan Royals board will comprise Lakshmi N. Mittal, Aditya Mittal, Vanisha Mittal-Bhatia, Adar Poonawalla and Badale.

“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 release stated.

In addition to the IPL tam, Rajasthan Royals also owns Paarl Royals in South Africa and Barbados Royals in the Caribbean.

Lakshmi N. Mittal, who was born in Sadulpur in North of Rajasthan, 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.” Mittal’s son Aditya said: “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.” Adar Poonawalla, who had earlier bid for RCB, said: “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.” Former principal owner Badale, who will still be a part of the decision making board, said: “We are delighted to welcome the Mittal Family and Adar Poonawalla as the new owners of the Rajasthan Royals. 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.”