Rajasthan Royals Acquired for $1.65 Billion by Mittal-Poonawalla Consortium
Rajasthan Royals sold for $1.65B to Mittal-Poonawalla consortium
The Economic Times
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A consortium led by Lakshmi N Mittal's family and Adar Poonawalla has signed a $1.65 billion deal to acquire the Rajasthan Royals, an Indian Premier League team. The Mittal family will hold 75% of the franchise, while Poonawalla will own 18%. The deal includes the team's overseas franchises and is expected to close by Q3 2026.
- 01The Rajasthan Royals were sold for approximately $1.65 billion.
- 02Lakshmi N Mittal's family will own 75% of the franchise post-sale.
- 03Adar Poonawalla will hold an 18% stake in the team.
- 04The deal includes the team's overseas franchises in South Africa and the Caribbean.
- 05The transaction is expected to close in the third quarter of 2026, pending regulatory approvals.
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A consortium led by Lakshmi N Mittal (chairman of ArcelorMittal) and Adar Poonawalla (CEO of Serum Institute of India) has finalized a deal to acquire the Rajasthan Royals, an Indian Premier League (IPL) team, for $1.65 billion. Post-acquisition, the Mittal family will own 75% of the franchise, while Poonawalla will have an 18% stake. The remaining 7% will be retained by current investors, including Manoj Badale, who will remain involved with the team. This sale comes after a previous attempt to sell the franchise to a consortium led by US-based entrepreneur Kal Somani fell through due to funding issues and regulatory challenges. The acquisition also encompasses the Royals' overseas franchises: Paarl Royals in South Africa and Barbados Royals in the Caribbean. The deal is subject to approvals from the Board of Control for Cricket in India and other regulatory bodies and is anticipated to close in the third quarter of 2026. Both Mittal and Poonawalla expressed their commitment to supporting the team's growth and development.
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The acquisition could enhance the Rajasthan Royals' brand value and operational capabilities, potentially leading to better performance in the IPL and increased investment in local cricket.
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