Industrialist Lakshmi N. Mittal, his son Aditya Mittal, and Adar Poonawalla have acquired a majority stake in Rajasthan Royals in a deal valued at USD 1.65 billion. The transaction encompasses the enterprise value of the Royals' men's franchise as well as associated teams Paarl Royals and Barbados Royals.
Deal Details and Approvals
The deal remains subject to customary closing conditions, including approvals from the Board of Control for Cricket in India (BCCI), the Competition Commission of India (CCI), the Indian Premier League (IPL) Governing Council, and other regulatory authorities. It is expected to be completed in the third quarter of 2026.
Previous Consortium Fails to Secure Capital
A consortium led by Kal Somani, along with Rob Walton and Sheila Ford Hamp, had initially been set to acquire the stake. However, as previously reported by the Times of India, the group could not raise the required capital. Regulatory complexities within the consortium structure eventually paved the way for the Mittal family to step in.
On Tuesday, the Kal Somani-led consortium issued an official statement asserting that it remained in contention until the very end. The statement read: "Our consortium worked tirelessly to assemble a distinguished group of investors, with ownership experience across the NFL, MLB, EPL, La Liga and TGL. Included in the group were select global superstars from the top tiers of professional sports. We were all motivated by the opportunity to help take the IPL to new international heights."
Full Statement from the Somani Consortium
The full official statement from Kal Somani, Rob and Jordan Walton, and Michael Hamp is as follows:
"We are deeply disappointed not to be part of the Rajasthan Royals ownership group, following a long six-month process in which we were the lead bid from start to finish. Our consortium worked tirelessly to assemble a distinguished group of investors, with ownership experience across the NFL, MLB, EPL, La Liga and TGL. Included in the group were select global superstars from the top tiers of professional sports. We were all motivated by the opportunity to help take the IPL to new international heights. Throughout the process, we were the strongest group at every stage, competing against some of the most prominent investors across the sports investing landscape. Contrary to stories that have been planted in the press, our group was and has always been fully funded, prepared to close with certainty, and never withdrew our bid. We had executed documentation in place and were told that the franchise's board meeting on Saturday was held to approve our consortium. In the end this was never the case. We approached this process with the highest standards of honesty, integrity, professionalism and in good faith, but unfortunately that wasn't enough. We do not believe the outcome ultimately reflected a level playing field, and it is difficult to reconcile the strength of our bid and preparedness to close with the final decision. While we respect competitive outcomes, we also believe that processes of this significance should be conducted with transparency, consistency, integrity and in good faith. While this outcome is both surprising and disappointing, we view this experience as part of a broader journey. We remain proud of the partners with whom we work, the speed at which we are able to execute, and the shared vision that unites us. Our belief in the global growth of sport remains as strong as ever. We look forward to channelling that energy into future opportunities where we can deploy our capital, expertise, and long-term commitment. We wish the Rajasthan Royals success going forward and thank all those who were a key part of the journey alongside us."
Conclusion
The acquisition marks a significant shift in ownership for the Rajasthan Royals, as the Mittal family and Poonawalla take control. The deal is expected to close in Q3 2026, pending regulatory approvals.
