New twist in Rajasthan Royals ownership as Indian businessman Laxmi Mittal acquires franchise

A US-based consortium had won the bid for RR in March but their deal hasn't gone through

Nagraj Gollapudi

Published: May 3, 2026, 10:04 AM (3 hrs ago)

In a late twist, the Rajasthan Royals have been acquired by Indian billionaire businessman Lakshmi Mittal along with another prominent Indian businessman Adar Poonawala for US $1.65 billion (INR 15,660 crore approx.). The Mittal family along with Poonawala are part of consortium which also includes Manoj Badale, the existing principal owner of RR. The deal also includes ownership of Paarl Royals and Barbados Royals, the two franchises under the Royals brand in SA20 and CPL.

A statement issued by all parties involved in the acquisition on Sunday said the Mittal family had "reached" a "definitive agreement to acquire" the entire RR franchise portfolio from its previous owner Badale and consortium. "Following completion, the Mittal family will own approximately 75% of Rajasthan Royals, with Adar Poonawalla holding approximately 18%," the statement said. "The remaining approximately 7% will be held by approved existing investors, including Manoj Badale."

This usurps the deal worth $1.635 billion (INR 15,290 crore approx.) made with a high-profile group of US-based sports investors to buy RR in March. That bid was made by a consortium led by Arizona-based tech entrepreneur Kal Somani, along with owners of two NFL franchises - Rob Walton (Denver Broncos) and Michael Hamp, son of Sheila Ford Hamp, who owns Detroit Lions.

The Somani-led consortium staked their claim to RR after multiple rounds of bidding, including more than one final round of binding bids, on March 20. They outbid rivals, including Manchester United co-owner Avram Glazer, who headed Lancer Capital, as well as Capri Group, the Aditya Birla Group and the Times of India Group. It could not be confirmed exactly why the Somani-led consortium was unable to proceed and seal the contract. Incidentally, Somani is one of the existing investors in RR having come on board in 2021.

One of the eight original IPL franchises, RR was bought by UK-based Emerging Media, which is owned by Badale, for US $67 million in 2008 meaning it is now 58 times worth what was 18 years ago.

Both the Mittal family and Poonawala were among several bidders who tried to buy RR and Royal Challengers Bangalore when both franchises were put on sale recently. The Mittals own Arcelor Mittal, a global steel company, along with several diverse businesses while Poonawala is the head of Serum Institute of India and chairman of Poonawala Fincorp.

The statement said Lakshmi Mittal, his son Aditya Mittal, daughter Vanisha Mittal-Bhatia, Poonawalla and Badale will be part of the RR Board once the sale is completed during the third quarter of 2026 and also includes approval from BCCI as well as the Competition Commission of India. The statement said Badale would continue to be part of RR, "acting as a bridge between the past and the present, and bringing his deep knowledge and experience of cricket" to the franchise.

Lakshmi Mittal, who was born in Sadulpur in north Rajasthan, said he was elated to have the opportunity to take over RR, whose primary home base is in Jaipur: "I love cricket and my family is from Rajasthan, so there is no IPL team that I would rather be part of than the Rajasthan Royals." His son Aditya said he wanted to carry forward the RR "legacy" of "developing new talent" and "harnessing the best of talent in the world for future success."

Badale said he was proud for being part of building the IPL into the most successful cricket league and was eager to work in partnership with RR's new owners. "I am hugely grateful to the most important people - our fans, as well as our players, coaches and management teams - past and present - who have made this team what it is. We are delighted to welcome the Mittal family and Adar Poonawalla as the new owners of the Rajasthan Royals. Their passion for cricket, their connection to Rajasthan and India, and their long-term ambition for the franchise make them ideal custodians of the next chapter."

Nagraj Gollapudi is news editor at ESPNcricinfo

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