Lakshmi N Mittal and Adar Poonawalla Consortium to Buy Rajasthan Royals For $1.65 Billion
Lakshmi Mittal and Adar Poonawalla lead a $1.65 billion acquisition of Rajasthan Royals. The deal signals strong investor interest in IPL and global cricket franchises.
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A consortium led by Lakshmi N Mittal, with Adar Poonawalla as a key partner, has signed a definitive agreement to acquire Indian Premier League franchise Rajasthan Royals in a deal valued at about $1.65 billion. Once completed, the Mittal family is expected to hold roughly 75% of the team, while Poonawalla will own around 18%. The remaining 7% will stay with existing investors, including Manoj Badale, who will continue to be associated with the franchise.
The transaction follows the collapse of a previously proposed $1.63 billion deal led by entrepreneur Kal Somani, which did not move ahead due to funding, regulatory and structural challenges. The new agreement will also lead to the exit of investors such as RedBird Capital Partners and Lachlan Murdoch. Rajasthan Royals is currently owned by Royal Multisport under EM Sporting Holdings, Mauritius.
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The deal also includes the franchise’s overseas teams Paarl Royals in South Africa and Barbados Royals in the Caribbean, giving the consortium a wider global presence across leagues.
Completion is subject to approvals from the BCCI, the Competition Commission of India and the IPL Governing Council, and is expected in the third quarter of 2026. After closing, Lakshmi Mittal, Aditya Mittal, Vanisha Mittal Bhatia, Adar Poonawalla and Manoj Badale will join the franchise board.
Mittal said the investment reflects his family’s roots in Rajasthan and interest in cricket. Aditya Mittal described the IPL as one of the world’s leading sporting leagues, while Poonawalla said he looks forward to supporting the franchise’s long term growth. Badale added that the new investors will back the team’s next phase.
For brands, media buyers and marketers, this deal highlights how franchise cricket continues to attract long term capital and strategic interest. The Indian Premier League remains a key platform for advertising, sponsorships and fan engagement at scale. With assets now spanning multiple leagues, the commercial opportunity goes beyond a single tournament, offering year round visibility and deeper audience connections across markets.
Advisers to the buyer consortium included Latham and Watkins, Cyril Amarchand Mangaldas and Trilegal, with Goldman Sachs acting as financial adviser and Price Waterhouse and Co as tax adviser.
