Laxmi Mittal and Aditya Mittal Acquire Major Stake in Rajasthan Royals

In a significant development, Laxmi Niwas Mittal and his son Aditya have acquired a major stake in Rajasthan Royals for $1.65 billion, partnering with Adar Poonawalla. This acquisition comes after the Somani Group withdrew from the bidding process. The Mittal family will hold approximately 75% of the franchise, with Poonawalla owning 18%. The deal is pending regulatory approvals and is expected to finalize in the third quarter of 2026. Laxmi Mittal, who has deep ties to Rajasthan, expressed his enthusiasm for being part of the team. The IPL governing body is also considering stricter regulations for compliance.

By Narendra Chaudhary May 3, 2026, 17:12 IST

Major Acquisition in Rajasthan Royals

Prominent businessman Laxmi Niwas Mittal, along with his son Aditya Mittal, has successfully secured a significant stake in Rajasthan Royals by placing a bid of $1.65 billion in collaboration with Adar Poonawalla. This deal was finalized after the Somani Group withdrew from the bidding process.

The amount involved in this transaction reflects the enterprise value of the men's franchises, including the Paarl Royals and Barbados Royals. The agreement is subject to approvals from the BCCI, CCI, IPL governing council, and other relevant regulatory authorities, with completion expected in the third quarter of 2026.

Reasons Behind Somani's Exit

Previously, the Somani-led group had made an offer of $1.63 billion, but sources indicate that it failed to meet the necessary scrutiny due to various issues. In a press release, the Mittal family stated, 'Laxmi N Mittal and Aditya Mittal have announced today that they have reached a definitive agreement to acquire Rajasthan Royals in collaboration with Adar Poonawalla and Manoj Badale.'

Board Composition of Rajasthan Royals

According to the press release, the Mittal family will hold approximately 75% of Rajasthan Royals, while Poonawalla will own about 18%. The remaining 7% stake will be retained by existing investors, including Manoj Badale. The board of Rajasthan Royals will now include Laxmi N Mittal, Aditya Mittal, Vanisha Mittal Bhatia, Adar Poonawalla, and Badale. The release noted, 'Badale will continue to support Rajasthan Royals and act as a bridge between the past and present, leveraging his extensive knowledge and experience in cricket for the franchise.'

Mittal's Connection to Rajasthan

In addition to owning Rajasthan Royals, the Mittal family also has stakes in the Paarl Royals in South Africa and the Barbados Royals in the West Indies. Laxmi N Mittal, born in Sadulpur, Northern Rajasthan, expressed, 'I love cricket, and since my family hails from Rajasthan, I would prefer to be part of Rajasthan Royals rather than any other team in the IPL.'

Future Actions on Rajasthan Royals

Devjeet Saikia mentioned that the IPL governing body is considering stricter measures to clamp down on parties violating regulations.