Who Are the New Owners of Rajasthan Royals? Meet the Mittal Family and Adar Poonawalla!

In a significant move for the IPL, Lakshmi N. Mittal and his son Aditya Mittal, along with Adar Poonawalla, have acquired a majority stake in Rajasthan Royals for USD 1.65 billion. This acquisition comes after a competing consortium withdrew from the bidding process. The Mittal family aims to uphold the franchise's legacy while enhancing its global presence. With a restructured board and a commitment to nurturing talent, the new owners are poised to lead Rajasthan Royals into a promising future. Read on to learn more about this exciting development in the world of cricket.

By Narendra Chaudhary May 3, 2026, 15:29 IST

Major Acquisition in IPL: Rajasthan Royals Under New Ownership

New Delhi: Prominent businessman Lakshmi N. Mittal, alongside his son Aditya Mittal and Adar Poonawalla, has successfully secured a majority stake in the Rajasthan Royals for USD 1.65 billion (around Rs 15,600 crore). This acquisition follows the withdrawal of the Kal Somani-led consortium from the bidding process.

The USD 1.65 billion deal reflects the total enterprise value of the Rajasthan Royals men's team, along with its associated franchises, Paarl Royals and Barbados Royals.

The finalization of this deal is contingent upon standard closing conditions, which include obtaining approvals from the BCCI, CCI, IPL Governing Council, and other relevant regulatory bodies.

The transaction is anticipated to be completed in the third quarter of 2026.

Previously, the US-based consortium led by Somani had proposed USD 1.63 billion, but it reportedly failed due diligence due to various complications.

"Lakshmi N. Mittal and Aditya Mittal are pleased to announce that they have reached a definitive agreement to acquire the Rajasthan Royals in collaboration with Adar Poonawalla from Manoj Badale and his consortium," stated a press release from the Mittal family.

According to the announcement, the Mittal family will hold approximately 75% of the Rajasthan Royals, while Adar Poonawalla will possess around 18%. The remaining 7% will be distributed among existing investors, including Manoj Badale.

The newly structured board of Rajasthan Royals will include Lakshmi N. Mittal, Aditya Mittal, Vanisha Mittal-Bhatia, Adar Poonawalla, and Badale.

"Badale will continue to play a vital role in supporting Rajasthan Royals, leveraging his extensive cricket knowledge and experience to bridge the franchise's past and present," the release added.

In addition to the IPL team, Rajasthan Royals also manages Paarl Royals in South Africa and Barbados Royals in the Caribbean.

Lakshmi N. Mittal, originally from Sadulpur in Rajasthan, expressed, "Cricket is my passion, and with my family's roots in Rajasthan, there is no IPL team I would prefer to be associated with than the Rajasthan Royals."

Aditya Mittal remarked, "The Royals are renowned for nurturing new talent, which resonates with me deeply. We are committed to continuing this legacy and attracting the best talent globally for future achievements.

"I extend my gratitude to everyone who has contributed to making the Rajasthan Royals a global sports institution—the players, coaches, leadership team, and especially the fans."

Adar Poonawalla, who previously bid for RCB, stated, "I am thrilled to partner with Aditya Mittal on this venture. Rajasthan Royals is a prestigious IPL franchise with a rich legacy, and I am eager to support its ongoing growth and long-term success."

Former principal owner Badale, who will remain involved in the decision-making process, commented, "We are excited to welcome the Mittal Family and Adar Poonawalla as the new custodians of the Rajasthan Royals. Their enthusiasm for cricket, ties to Rajasthan and India, and long-term vision for the franchise make them perfect stewards for this new chapter."