The Rajasthan Royals cricket franchise of the elite Indian Premier League has been acquired by the Mittal family, led by billionaire Lakshmi Mittal, and businessman Adar Poonawalla.
The group has acquired the franchise for a fee of $1.65 billion, with the Mittal family holding a 75% stake, Poonawalla holding 18%, and the remaining 7% split between other existing investors, including the now-former owner Manoj Badale (who will remain involved with the franchise in an advisory capacity).
The Raine Group, the financial advisory firm, serves as the exclusive advisor to the Rajasthan Royals on the franchise sale.
This transaction also includes the Royals’ two international franchises, the Paarl Royals of South Africa’s SA20 tournament, and the Barbados Royals of the Caribbean Premier League.
Badale’s vehicle, Emerging Media, held a 65% stake in the operation. That holding was bought initially for just $67 million.
Lakshmi Mittal, his son Aditya, his daughter Vanisha, and Poonawalla will all take up Royals board seats alongside Badale, who will retain his.
The Mittal family is one of India’s richest, with much of Lakshmi’s wealth stemming from his stake (now 38%) in ArcelorMittal, one of the world’s largest steelmaking enterprises, of which he is executive chair alongside its spin-off Aperam.
Speaking on the agreement, Aditya Mittal said: “The IPL has, in a very short space of time, become one of the biggest sporting leagues in the world, and the Rajasthan Royals is one of the original and the most iconic teams of the league.
“The Royals are well known for developing new talent - that resonates deeply with me, and we are determined that legacy will continue, harnessing the best of talent in the world for future success.”
The Jaipur-based franchise is one of the eight original teams to have played the first season of the IPL in 2008. Over the past 18 years, the Royals have only won the IPL - now containing 10 teams - on one occasion, in that inaugural season.
This deal comes after a previous purchase agreement for the Royals struck by a consortium led by US entrepreneur and existing team shareholder Kal Somani fell through.
That consortium reportedly failed to pass due diligence, hence the demise of their bid.
In the 2025 campaign, the Royals finished ninth in the IPL standings, missing out on the playoffs.
Earlier in 2026, the franchise secured a new primary sponsor ahead of the upcoming 2026 campaign, with renewable power technology firm Waaree Energies stepping in.
The solar panel producer replaces domestic energy provider Luminous Power Technologies, which had been a major partner of the franchise since the 2023 campaign.
