Lakshmi N. Mittal and Aditya Mittal, along with Adar Poonawalla, have finalized the acquisition of the Rajasthan Royals cricket team from Manoj Badale and consortium. Post-acquisition, the Mittal Family will hold about 75% ownership, while Adar Poonawalla will have around 18%, with the remaining 7% retained by approved existing investors, including Manoj Badale. The Kal Somani-led consortium, which previously had a bid to acquire RR, faced funding challenges leading to the deal falling through.
Badale will continue to support Rajasthan Royals, leveraging his cricket expertise as a link between the team’s past and present. Apart from the IPL team, Rajasthan Royals also possesses Paarl Royals in South Africa and Barbados Royals in the Caribbean. The deal’s value stands at approximately USD 1.65 billion, encompassing the enterprise worth of Rajasthan Royals’ men’s franchise, Paarl Royals, and Barbados Royals. The completion of the acquisition is contingent on customary closing conditions and approvals from BCCI, CCI, IPL Governing Council, and other pertinent regulatory bodies, expected to finalize in Q3 2026.
Expressing his enthusiasm, Lakshmi N. Mittal stated, “I love cricket, and being from Rajasthan, there’s no IPL team I’d rather be associated with than the Rajasthan Royals.” Aditya Mittal emphasized the Royals’ legacy of nurturing new talent and affirmed their commitment to sustaining and enhancing this tradition for future accomplishments. Vanisha Mittal-Bhatia highlighted the family’s passion for sports and India, considering it an honor to contribute to the Rajasthan Royals’ future success.
Adar Poonawalla expressed his delight in partnering with Aditya Mittal for this investment, underscoring Rajasthan Royals’ premier status in the IPL and his dedication to fostering its growth and enduring prosperity. Manoj Badale, reflecting on his involvement with the team since its inception, expressed gratitude to fans, players, coaches, and management for their contributions to the team’s success. The buyer consortium received advisory support from Latham & Watkins LLP, Cyril Amarchand Mangaldas, Trilegal, Goldman Sachs, and Price Waterhouse & Co LLP.
