Major Ownership Change for Rajasthan Royals in IPL

A major shift in the ownership of Rajasthan Royals has taken place, with steel industry leaders Lakshmi Niwas Mittal and Aditya Mittal acquiring the franchise. This deal, valued at approximately $1.65 billion, marks a historic moment in IPL history. The acquisition not only strengthens the team's position in India but also expands its global brand presence, including ownership of teams in South Africa and the Caribbean. While the agreement awaits approval from regulatory bodies, it is expected to be finalized by September 2026. This transition follows a previous unsuccessful bid by an American businessman, paving the way for new opportunities and growth for the franchise.

By Narendra Chaudhary May 3, 2026, 17:45 IST

Significant Shift in IPL Franchise Ownership

A substantial transformation has occurred in the ownership of the IPL franchise Rajasthan Royals. Renowned steel magnates Lakshmi Niwas Mittal and Aditya Mittal have acquired the team, with Adar Poonawalla of Serum Institute joining as a partner in this significant deal.

Record-Breaking Deal in IPL History

The total value of this transaction is estimated at approximately $1.65 billion, making it one of the most expensive investments in IPL history. Following the completion of the deal, the Mittal family will hold a 75% stake in Rajasthan Royals, while Adar Poonawalla will possess 18%, and Manoj Badale along with other investors will retain the remaining 7%.

Rajasthan Royals Becomes a Global Cricket Brand

This acquisition extends beyond just the Indian IPL team. Rajasthan Royals has now established itself as an international brand, incorporating ownership of the 'Paarl Royals' from South Africa and the 'Barbados Royals' from the Caribbean league. The previous promoter, Manoj Badale, will continue to be involved with the new management to leverage his experience in team operations.

Completion of the Process Expected by September 2026

Although the agreement with the Mittal family and Poonawalla has been finalized, it still requires approval from entities such as the BCCI and the IPL governing council. It is anticipated that all legal and regulatory processes will be completed, allowing the deal to be fully finalized by September 2026.

What Happened to the Previous Agreement?

Previously, American businessman Kal Somani and his group attempted to purchase the franchise with a record bid of $1.63 billion, securing exclusivity. However, for various reasons, that deal did not materialize. With the Mittal family joining the board, Rajasthan Royals is expected to gain new strength.