A consortium led by steel tycoon Lakshmi N Mittal’s family, along with Adar Poonawalla, CEO of the Serum Institute of India, has signed a definitive agreement to acquire Rajasthan Royals in a deal valued at around $1.65 billion.
Following the deal, the Mittal family will hold about 75% of the franchise, Poonawalla roughly 18%, while the remaining 7% will stay with existing investors, including Manoj Badale.
This comes after an earlier $1.63 billion deal with a consortium led by Kal Somani collapsed due to funding and regulatory challenges.
The deal will see RedBird Capital Partners exit its investment, along with Lachlan Murdoch. Rajasthan Royals, owned by Royal Multisport under Emerging Media Ventures, also includes overseas teams Paarl Royals and Barbados Royals. The transaction, subject to approvals from the Board of Control for Cricket in India, Competition Commission of India and the IPL Governing Council, is expected to close by Q3 2026. Post-completion, Lakshmi Mittal, Aditya Mittal, Vanisha Mittal-Bhatia, Adar Poonawalla and Manoj Badale will join the board.
Mittal said the investment reflects his Rajasthan roots and passion for cricket, while Poonawalla and Badale expressed confidence in the franchise’s future growth.
