The Competition Commission of India (CCI) has approved the proposed US$1.65 billion acquisition of the Rajasthan Royals franchise group by the Lakshmi Mittal family and Adar Poonawalla, clearing a key regulatory hurdle in the transaction, the regulator announced in an official release on Thursday.
The deal will see the Mittal family invest through UK-registered Westview Cricket Limited, while Poonawalla will participate through Poonawalla Sports and Fitness Private Limited. The acquisition encompasses a three-team portfolio spanning major franchise competitions in India, South Africa and the Caribbean.
Mittal family set for controlling stake
Under the proposed ownership structure, Westview Cricket is expected to acquire approximately 75% of the Royals group, giving the Mittal family a controlling interest. Poonawalla Sports is set to hold around 18%, with existing shareholders, including Manoj Badale, retaining approximately 7%.
Westview Cricket is owned by the Mittal family, while Poonawalla Sports is owned by Adar Cyrus Poonawalla. Together, the two incoming investors are therefore expected to control approximately 93% of the business once the transaction is completed.
The acquisition was announced in May at an enterprise value of approximately US$1.65 billion, representing a major ownership transition for a franchise business that has expanded well beyond its original IPL operation.
Acquisition spans three cricket markets
The transaction covers Rajasthan Royals in the Indian Premier League (IPL), Paarl Royals in South Africa’s SA20 and Barbados Royals in the Caribbean Premier League (CPL).
The three businesses sit within a corporate structure headed by Mauritius-incorporated EM Sporting Holdings Limited. Its holdings include Royal Multisport Private Limited, which owns and operates Rajasthan Royals, alongside Paarl Royals Limited and Barbados Royals Limited.
That structure means the US$1.65 billion transaction is for the broader Royals cricket portfolio rather than Rajasthan Royals alone, placing teams across three established franchise competitions under the proposed new ownership group.
CCI approval follows additional scrutiny
The regulatory clearance follows further examination of the transaction after Westview Cricket and Poonawalla Sports submitted their competition filing on July 30.
As previously reported by cricexec, the CCI subsequently issued a Request for Information after finding the initial filing incomplete, requiring the parties to provide additional information as part of its review.
In their regulatory submission, the prospective owners maintained that their businesses did not overlap with those of the target companies or their affiliates in India within any plausible relevant market, and that the acquisition was therefore unlikely to produce an appreciable adverse effect on competition.
The CCI has now cleared the combination under Section 31, with a detailed order on the transaction expected to follow.
Deal marks major shift in Royals ownership
The proposed takeover represents a significant change for Rajasthan Royals, which was acquired by the Manoj Badale-led Emerging Media for US$67 million when the IPL launched in 2008. The team went on to win the inaugural edition of the competition.
The ownership structure evolved over the following years. In 2021, Emerging Media increased its interest from 51% to 65%, while US investment firm RedBird Capital Partners acquired a 15% stake.
The Royals business subsequently developed a wider international franchise presence through its teams in South Africa and the Caribbean, creating the three-market portfolio now covered by the Mittal-Poonawalla transaction.
The current deal followed an earlier proposed US$1.63 billion acquisition involving a US-based consortium led by technology entrepreneur Kal Somani, alongside investors including Rob Walton and Sheila Ford Hamp, which did not reach completion.
Further approvals remain before completion
CCI clearance removes one of the regulatory conditions attached to the transaction, but the acquisition has also been subject to approval from the Board of Control for Cricket in India (BCCI) and the IPL Governing Council.
Following completion, Lakshmi Mittal, Aditya Mittal, Vanisha Mittal-Bhatia, Adar Poonawalla and Manoj Badale are expected to join the Rajasthan Royals board.
The parties had targeted the third quarter of 2026 for completion when the transaction was announced in May. With the CCI process now cleared, the remaining stated approvals will determine the next stage of the ownership transition.
