Rajasthan Royals has been acquired by the Mittal family in partnership with Adar Poonawalla in a deal valued at US$1.65 billion (approx. INR 15,659 crore), marking a significant ownership shift in the Indian Premier League following the collapse of an earlier agreement. The transaction was confirmed through a press release issued by the acquiring group, outlining a majority takeover from Manoj Badale and existing investors, and reinforcing the continued surge in franchise valuations across the league.
Deal structure and ownership breakdown
The agreement establishes the Mittal family as the principal stakeholder with a controlling share, alongside a strategic minority holding for Poonawalla, while a smaller portion remains with existing investors. The Mittal family said in a press release, “Lakshmi N. Mittal and Aditya Mittal today announce that a definitive agreement has been reached to acquire the Rajasthan Royals, in partnership with Adar Poonawalla, from Manoj Badale and consortium,” confirming the formal execution of the transaction.
The Rajasthan Royals said in a statement, “The transaction consideration is approximately US$1.65 billion and represents the enterprise value of Rajasthan Royals’ men’s franchise, Paarl Royals and Barbados Royals. Completion is subject to customary closing conditions, including approvals from the BCCI, the CCI, the IPL Governing Council and other applicable regulatory authorities, and is expected to occur in Q3 2026,” outlining both the scope of assets included and the expected timeline for completion.
Leadership continuity and board composition
As part of the transition, the ownership group will be represented at the board level by members of the Mittal family, Poonawalla, and existing leadership, ensuring continuity in governance. The Mittal family said, “Badale will continue to support Rajasthan Royals, acting as a bridge between the past and the present, and bringing his deep knowledge and experience of cricket to the franchise,” confirming the ongoing involvement of the current leadership structure.
Manoj Badale said in a press release, “We are delighted to welcome the Mittal Family and Adar Poonawalla as the new owners of the Rajasthan Royals. Their passion for cricket, their connection to Rajasthan and India, and their long-term ambition for the franchise make them ideal custodians of the next chapter,” signalling alignment between outgoing and incoming stakeholders.
Strategic intent and stakeholder perspectives
The acquisition reflects a combination of financial investment and long-term sporting ambition, with the incoming ownership group positioning the franchise for continued growth. Aditya Mittal said in a statement, “The IPL has, in a very short space of time, become one of the biggest sporting leagues in the world, and the Rajasthan Royals is one of the original and the most iconic teams of the league. Personally, I am so honoured and excited to be part of this great team,” highlighting the league’s rapid rise and the franchise’s standing within it.
He further added, “The Royals is well known for developing new talent – that resonates deeply with me, and we are determined that legacy will continue, harnessing the best of talent in the world for future success.” He also said, “I want to thank everyone who has helped build the Rajasthan Royals into a global sporting institution – the players, coaches, leadership team, and above all the fans.”
Lakshmi N. Mittal said in a statement, “I love cricket and my family is from Rajasthan, so there is no IPL team that I would rather be part of than the Rajasthan Royals. I first played cricket as a schoolboy, and since then I have been an avid fan of the sport,” underlining a personal connection to both the sport and the region.
Adar Poonawalla said in a press release, “I am delighted to partner with Aditya Mittal on this investment. Rajasthan Royals is a premier IPL franchise with a strong legacy, and I look forward to supporting its continued growth and long-term success,” reinforcing the strategic partnership behind the acquisition.
Previous deal collapse and ownership shift
The confirmed transaction follows the breakdown of a previously agreed sale involving a US-based consortium led by Kal Somani, which had valued the franchise at US$ 1.63 billion (approx. INR 15,322 crore at the time), as previously reported by cricexec. That earlier agreement did not proceed to completion, resulting in a renewed sale process that ultimately led to the current deal with the Mittal-led group.
The shift highlights both the competitive nature of franchise acquisitions and the rigorous due diligence processes that underpin high-value sports transactions, particularly within the IPL ecosystem.
Valuation context and market momentum
The Rajasthan Royals transaction further underscores the accelerating commercial trajectory of the IPL, where franchise valuations continue to climb alongside media rights growth and investor demand. The league’s broadcast and digital rights cycle for 2023–27 is valued at approximately INR 48,000 crore (approx. US$ 5 billion), establishing a strong revenue foundation for teams.
Industry projections also indicate that India’s broader sports market is expected to reach approximately INR 65,000 crore (approx. US$ 7 billion) by 2029, reflecting sustained expansion driven by media, sponsorship, and global investment flows.
Multi-team portfolio and global footprint
The valuation of the Rajasthan Royals includes its associated franchises in international leagues, specifically Paarl Royals in South Africa and Barbados Royals in the Caribbean. This multi-team structure strengthens the franchise’s global presence and aligns with the wider trend of cross-league ownership models within cricket.
The combined portfolio enhances commercial opportunities across markets while reinforcing the strategic appeal of IPL-linked assets to global investors.
