The Competition Commission of India (CCI) has asked for additional information on the proposed US$1.65 billion acquisition of the Rajasthan Royals cricket portfolio after finding the transaction filing incomplete. A Request for Information (RFI) has been issued to the parties involved, according to a report by The Economic Times, as the deal continues through the approvals required before completion.
The transaction would transfer 93% of the business to the Lakshmi Mittal family and Adar Poonawalla through separate entities, while existing shareholders would retain the remaining interest. The acquisition covers three franchises across the Indian Premier League (IPL), SA20 and Caribbean Premier League (CPL).
CCI examines filing submitted in July
Westview Cricket Limited and Poonawalla Sports and Fitness Private Limited submitted the competition filing on July 30. Details of the additional information requested by the CCI have not been disclosed.
Under the proposed ownership structure, Westview Cricket, representing the Mittal family, would acquire 75%, while Poonawalla Sports would take an 18% interest. Existing shareholders, including Manoj Badale, would retain 7%.
In their submission to the regulator, the prospective buyers set out their position that their businesses and affiliates do not overlap with those of the acquisition targets and their affiliates in India within any plausible relevant market. Their competition assessment is therefore that the deal would not result in an appreciable adverse effect on competition.
Rajasthan Royals declined to comment on the CCI development.
Acquisition extends across Royals franchise portfolio
The ownership change encompasses Rajasthan Royals as well as Paarl Royals in South Africa and Barbados Royals in the Caribbean, placing the group’s three-team cricket portfolio within the scope of the transaction.
The competition filing identifies EM Sporting Holdings and Royal Multisport as the target entities. Royal Multisport is the entity that owns and operates the Rajasthan Royals IPL franchise.
The US$1.65 billion valuation therefore relates to the wider Royals portfolio rather than the Indian franchise in isolation.
Mittal-Poonawalla deal followed previous sale collapse
As previously reported by cricexec, the Mittal family and Poonawalla reached an agreement in May to acquire the Royals portfolio at an enterprise value of approximately US$1.65 billion. The ownership arrangement established the Mittal family as the controlling shareholder, alongside Poonawalla and a retained interest for existing investors.
The agreement emerged after an earlier proposed US$1.63 billion sale involving a US-based consortium led by technology entrepreneur Kal Somani, alongside Rob Walton and Sheila Ford Hamp, failed to reach completion. The subsequent sale process resulted in the current Mittal-Poonawalla transaction.
Multiple approvals remain part of completion process
The acquisition remains subject to approval from the CCI, BCCI and IPL Governing Council. The parties have set the third quarter of 2026 as their expected timeframe for completing the transaction.
The CCI process is now proceeding with the regulator seeking the additional material requested following its review of the July 30 filing.
