A consortium of Lakshmi N Mittal, Aditya Mittal and Adar Pooonawala has acquired the IPL franchise Rajasthan Royals and its sister entities (Paarl Royals and Barbados Royals) for around $1.65 billion, TOI has learnt. A press release regarding this is expected to be issued soon.
After regulatory checks, including approvals from the BCCI, Competition Commission of India (CCI) and the IPL Governing Council, the Mittal family will own approximately 75 per cent of the franchise, Poonawala 18 per cent and the remaining approximately 7 per cent will be owned by existing investors, including current owner Manoj Badale. The deal is expected to close in the third quarter of 2026.
ArcelorMittal Chairman Lakshmi N. Mittal, CEO Aditya Mittal, Non-Independent Director Vanisha Mittal-Bhatia, Serum Institute of India CEO Adar Poonawalla and Manoj Badale will join the board of directors of The Rajasthan Royals.
On March 21, a consortium led by Kal Somani had emerged as the favorite to own the franchise for $1.63 billion (£1.2 billion), but that effort hit a roadblock after failing to raise the necessary funds, regulatory uncertainties and the structure of the consortium’s buyers for the IPL franchise.
The Somani-backed consortium included American businessman Rob Walton, of the Walmart family, and the Hamp family, which also has majority stakes in the NFL’s Detroit Lions. Sheila Ford Hamp is also part of the Ford family that owns a significant stake in Ford Motor Company.
Rajasthan Royals is currently owned by Manoj Badale’s Emerging Media Ventures, which owns a 65 per cent stake in the franchise, with minority investors including US investment management firm RedBird Capital Partners (around 15 per cent stake) and Fox Corporation’s Lachlan Murdoch, among others.
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