Lakshmi Mittal and Adar Poonawalla Acquire Rajasthan Royals for $1.65 Billion
📋 Key Takeaway: Lakshmi Mittal and Adar Poonawalla have agreed to acquire the Rajasthan Royals IPL franchise for $1.65 billion, with Mittal holding a 75% stake.
Acquisition Details and Structure
A consortium led by steel magnate Lakshmi Mittal and vaccine entrepreneur Adar Poonawalla has reached an agreement to acquire the Rajasthan Royals, a prominent franchise in the Indian Premier League (IPL), for a staggering $1.65 billion. The deal positions Mittal to own approximately 75% of the franchise alongside his family, while Poonawalla will hold an 18% stake. Remaining investors, including Manoj Badale, will retain a 7% interest in the team.
This acquisition encompasses not just the Rajasthan Royals’ men’s team but also its sister franchises: the Paarl Royals, competing in South Africa’s SA20 league, and the Barbados Royals in the Caribbean Premier League. This strategic move underscores the consortium’s ambition to expand its footprint in the global cricketing landscape.
Regulatory Approval and Future Plans
The completion of this high-profile transaction is contingent upon obtaining various regulatory approvals, including from the Board of Control for Cricket in India (BCCI), the antitrust watchdog, and the IPL Governing Council. The consortium anticipates finalizing the deal in the third quarter of 2026, pending these approvals.
Upon completion, Mittal, along with his son Aditya and daughter Vanisha Mittal-Bhatia, Poonawalla, and Badale, will assume positions on the Rajasthan Royals’ board. Badale will continue to play a supportive role within the franchise, ensuring a smooth transition and continuity in operations.
Frequently Asked Questions
Who are the main investors in the Rajasthan Royals acquisition?
Lakshmi Mittal and Adar Poonawalla lead the consortium, with Mittal holding 75% and Poonawalla 18%.
What franchises are included in the acquisition deal?
The acquisition includes the Rajasthan Royals, Paarl Royals, and Barbados Royals.
When is the deal expected to be finalized?
The transaction is expected to be completed in the third quarter of 2026, pending regulatory approvals.
What roles will the investors take after the acquisition?
The investors will join the Rajasthan Royals’ board, with Badale continuing to support the franchise.
What is the significance of this acquisition in the cricketing world?
This deal highlights the growing financial stakes in cricket and the increasing involvement of high-profile investors.
