IPL franchise Rajasthan Royals have been acquired by a consortium for $1.65 billion. In the new deal, the UK-based Mittal family has acquired 75% stakes in the franchise, whereas Adar Poonawalla, the CEO of Serum Institute, will own 18%.
RR’s existing owner, Manoj Badale, will lead a group of investors that will hold 7% stakes in the franchise. The deal includes RR’s sister franchises – Barbados Royals in the CPL and the WCPL and Paarl Royals in the SA20 – as well.
This deal is expected to be finalised by the third quarter of 2026.
Rajasthan Royals sold to new owners for the second time this year
After the new deal is ratified by the BCCI and the Competition Commission of India, steel magnate Lakshmi Niwas Mittal, Aditya Mittal, Vanisha Mittal-Bhatia, and Ponawalla will join the board of Rajasthan Royals.
Break:
Rajasthan Royals has been acquired by a consortium of Mittal Family (UK), Adar Poonawala (Serum Institute) & Manoj Badale-led existing investors.
The transaction is pegged at US$1.65b.
The earlier deal involving Kal Somani, Walton & Hamp Families had not worked out.
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— KSR (@KShriniwasRao) May 3, 2026
Earlier this year, RR had been sold to a consortium led by American entrepreneur Kal Somani for a sum of $1.63 billion. That consortium had contained Rob Walton of the Walmart family and the Hamp Family, which owns the Detroit Lions team in the NFL.
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The Somani-led original deal is reported to have collapsed due to insufficeint funding. According to sources, the consortium failed to meet both deadlines where they were supposed to show the available funds.
Mittals and Poonawalla had expressed interest in the first round too
According to reports, the Mittal family and Adar Poonawalla had expressed interest in buying Rajasthan Royals during the first rounds of the sale process as well.
Earlier, Poonawalla had expressed interest in acquiring Royal Challengers Bangalore as well, but eventually lost out to a consortium led by the Aditya Birla group.
“There is no IPL team I would rather be part of than Rajasthna Royals” – Lakshmi Mittal
In an official statement, Lakshmi Niwas Mittal spoke about his love for cricket and shed light on his Rajasthani origins.
“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. 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,” he said.
