A consortium led by Lakshmi N. Mittal, Aditya Mittal, and Adar Poonawala has acquired the Indian Premier League franchise Rajasthan Royals, along with its sister entities Paarl Royals and Barbados Royals, for approximately $1.65 billion, according to sources. A press release is expected shortly.
Ownership Structure
Upon receiving regulatory approvals from the Board of Control for Cricket in India, the Competition Commission of India, and the IPL Governing Council, the Mittal family will hold approximately 75 percent of the franchise. Poonawala will own 18 percent, while existing investors, including current owner Manoj Badale, will retain about 7 percent. The transaction is anticipated to conclude in the third quarter of 2026.
Board Composition
ArcelorMittal's Lakshmi N. Mittal, Aditya Mittal, Vanisha Mittal-Bhatia, Adar Poonawala, and Manoj Badale will join the board of Rajasthan Royals.
Earlier Bid
On March 21, a consortium led by Kal Somani emerged as the frontrunner to acquire the franchise for $1.63 billion, but the deal fell through due to funding issues, regulatory uncertainties, and the consortium's buyer structure. That group included American businessman Rob Walton of the Walmart family and the Hamp family, which holds a majority stake in the NFL's Detroit Lions. Sheila Ford Hamp is also part of the Ford family, which has a significant stake in Ford Motor Company.
Current Ownership
Rajasthan Royals is currently owned by Manoj Badale's Emerging Media Ventures, which holds a 65 percent stake. Minority investors include RedBird Capital Partners with around 15 percent and Fox Corporation's Lachlan Murdoch, among others.
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