Mittal Family and Adar Poonawalla Acquire Rajasthan Royals IPL Franchise

In a landmark deal, the Mittal Family, alongside Adar Poonawalla, has secured ownership of the Rajasthan Royals IPL franchise from Manoj Badale's consortium. This acquisition, valued at approximately $1.65 billion, will see the Mittal Family holding 75% of the team, with Poonawalla owning 18%. The new board will include key figures from the Mittal Family and Badale, who will continue to support the franchise. The deal is expected to finalize in Q3 2026, pending regulatory approvals. Key statements from the new owners highlight their passion for cricket and commitment to the team's legacy.

By Narendra Chaudhary May 3, 2026, 15:43 IST

Acquisition Announcement

On Sunday, Lakshmi Narayan Mittal and Aditya Mittal revealed that they have finalized an agreement to purchase the IPL team Rajasthan Royals, partnering with Adar Poonawalla. This acquisition is from a consortium of investors led by Manoj Badale.

Ownership Structure

Upon completion of the deal, the Mittal Family will control around 75% of Rajasthan Royals, while Adar Poonawalla will hold approximately 18%. The remaining 7% will be distributed among existing investors, including Manoj Badale, who will continue to lend his expertise to the franchise. Rajasthan Royals also owns teams in South Africa and the Caribbean, namely Paarl Royals and Barbados Royals. The total transaction value is estimated at about $1.65 billion, reflecting the enterprise value of the men's franchise and its associated teams. The deal is pending standard closing conditions, including approvals from the BCCI, CCI, IPL Governing Council, and other regulatory bodies, with an expected completion in Q3 2026.

New Board Members

The board of Rajasthan Royals will include Lakshmi Narayan Mittal, Aditya Mittal, Vanisha Mittal-Bhatia, Adar Poonawalla, and Manoj Badale. Lakshmi Narayan Mittal has personal ties to Rajasthan, having been born in Sadulpur, North Rajasthan.

Key Statements

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Transaction Advisors

The buyer consortium received legal advice from Latham & Watkins LLP, Cyril Amarchand Mangaldas, and Trilegal, with Goldman Sachs serving as the financial adviser and Price Waterhouse & Co LLP as the tax adviser. The sale process was managed by Raine, who acted as the commercial adviser to the seller consortium, alongside Deloitte as financial adviser, EY as tax adviser, and Macfarlanes LLP and AZB Partners as legal counsel.