Mittal Family To Acquire Rajasthan Royals For $1.65 Billion With Adar Poonawalla

(MENAFN- Live Mint) Mumbai: The family of steel magnate Lakshmi N. Mittal has signed a definitive agreement to acquire Rajasthan Royals in partnership with Adar Poonawalla, in a transaction valuing the cricket franchise at approximately $1.65 billion.

The acquisition is from the current ownership group led by Manoj Badale and consortium investors, a statement from the Mittal family said on Sunday.

“Aditya Mittal will take the lead position on behalf of the family. The deal was signed last night,” a person with direct knowledge of the development told Mint. As part of the new structure, Lakshmi Mittal, Aditya Mittal, Vanisha Mittal-Bhatia, Adar Poonawalla, and Manoj Badale will join the board of Rajasthan Royals.

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Following completion of the transaction, the Mittal family will own around 75% of the franchise, while Poonawalla will hold about 18%.

The remaining 7% will continue to be held by approved existing investors, including Badale, who will remain involved with the franchise, the statement added.

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The deal values the Rajasthan Royals men's IPL franchise along with its overseas teams-Paarl Royals in South Africa and Barbados Royals in the Caribbean.

Poonawalla's participation comes months after he was linked to the high-profile bidding process for Royal Challengers Bengaluru, which was eventually sold to a consortium led by the Aditya Birla Group in a deal valued at around $1.78 billion. His move into Rajasthan Royals signals continued interest among India's top business families in premium cricket assets.

Completion of the transaction is subject to customary approvals from the Board of Control for Cricket in India, the Competition Commission of India, the IPL Governing Council, and other regulators, and is expected in the July-September quarter of 2026, the statement said.

Aditya Mittal, CEO, Arcelor 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 part of this great team.”

The deal marks one of the largest transactions involving an Indian Premier League franchise, highlighting the rising value of premium sports assets linked to the world's richest cricket tournament.

“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,” said Adar Poonawalla, CEO of the Serum Institute of India.

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