The Indian Premier League’s evolving ownership landscape has witnessed another major development, with the Rajasthan Royals confirming a proposed change in control valued at approximately USD 1.65 billion (around ₹15,660 crore).
The franchise will be acquired by a consortium led by the Mittal Family, headed by steel tycoon Lakshmi N. Mittal and Aditya Mittal, in partnership with Serum Institute of India CEO Adar Poonawalla. The group will purchase the team from existing owners, including Manoj Badale and other investors.
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The valuation includes the franchise’s global cricket assets, such as the IPL team, Paarl Royals in South Africa, and Barbados Royals in the Caribbean. The deal is expected to close in the third quarter of 2026, subject to regulatory approvals from the BCCI, the IPL Governing Council, and the Competition Commission of India (CCI).
Post-acquisition, the Mittal Family is expected to hold a 75% stake, while Poonawalla will own around 18%, with the remaining 7% retained by existing stakeholders, including Badale, who will continue on the board.
The announcement follows earlier speculation regarding competing bids for the franchise. It also comes months after the Royal Challengers Bengaluru reportedly saw a USD 1.78 billion valuation deal involving a separate consortium.
Lakshmi N. Mittal described the investment as personally meaningful, citing his Rajasthan roots and long-standing interest in cricket. Aditya Mittal said the focus would be on nurturing talent and strengthening the franchise’s legacy. Poonawalla called the Royals a “premier IPL franchise” with strong long-term potential.
The deal marks one of the most significant franchise ownership shifts in IPL history, further highlighting the league’s growing global commercial value and investor interest.
