Steel magnate Lakshmi Mittal and Adar Poonawalla have reached a definitive agreement to acquire the Rajasthan Royals IPL team. Pending approvals, Mittal will hold a 75% stake, while Poonawalla will hold an 18% stake. The remaining 7% will be retained by existing shareholders, including founder Manoj Badale. The franchise’s new enterprise value will be $1.65 billion.
Mittal, who has roots in Rajasthan, expressed his excitement to be a part of the Rajasthan Royals team, citing his love for cricket and his family connection to the state. Poonawalla, CEO of the Serum Institute of India, looks forward to supporting the team’s growth and success.
The deal is subject to approvals from various regulatory authorities and is expected to be completed in Q3 2026. The franchise was put up for sale by Badale, who wanted to exit ahead of the next round of IPL media rights. The IPL team also owns Paarl Royals in SA20 and Barbados Royals in the Caribbean Premier League.
The acquisition of the Rajasthan Royals adds to the growing trend of high valuations in the IPL, with recent sales of other teams reaching billions of dollars.
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