Rajasthan Royals Ownership Shake-Up: ₹15,660 Cr Deal by Lakshmi Mittal Family & Adar Poonawalla Ousts Somani Bid
Lakshmi Mittal, a UK-based businessman of Indian origin, has reportedly bought out the Rajasthan Royals team for a value of approximately $1.65 billion (₹15,660 crore). As part of the deal, Adar Poonawalla and the existing owner Manoj Badale will be included in the consortium, which was surprising since another US-based consortium was earlier expected to take over the ownership of the team.
Lakshmi Mittal-led group takes control of Rajasthan Royals with ₹15,660 crore deal
Currently, the Rajasthan Royals team is performing excellently in the IPL 2026 and is nearing the playoffs. In particular, young Vaibhav Sooryavanshi has been performing exceptionally well for the Rajasthan Royals.
Under the new setup, the Mittal family will own about 75% of the team. Adar Poonawalla will hold a stake of 18%, while the other 7% will be retained by the existing stakeholders, including Manoj Badale.
The deal also includes their teams in South Africa and the Caribbean. However, it still needs approval from cricket and regulatory authorities and is expected to be completed by Q3 2026. The Mittal family has a strong connection with Rajasthan. Lakshmi Mittal was born and raised in Sadulpur village in North Rajasthan.
The buyer team got help from experts to complete the deal. Law firms handled the legal work, Goldman Sachs helped with money matters, and Price Waterhouse took care of taxes. On the seller side, Raine managed the sale. Deloitte helped with finances, EY handled taxes, and other law firms supported the legal work.
Lakshmi Mittal said that,
"My family is from Rajasthan, so there is no IPL team that I would rather be part of than the Rajasthan Royals. I first played cricket as a schoolboy, and since then I have been an avid fan of the sport. Many great players have worn the Rajasthan Royals shirts, including Indian icons of the sport who have been an inspiration for the younger talent. I look forward to being part of this great team, and cannot wait to join all the fans on the pitch-side to cheer on our future success,"
Poonawalla added that,
"I am delighted to partner with Aditya Mittal on this investment. Rajasthan Royals is a premier IPL franchise with a strong legacy, and I look forward to supporting its continued growth and long-term success."
Badale said that,
"We are delighted to welcome the Mittal Family and Adar Poonawalla as the new owners of the Rajasthan Royals. Their passion for cricket, their connection to Rajasthan and India, and their long-term ambition for the franchise make them ideal custodians of the next chapter. I very much look forward to working alongside them, and to supporting our extraordinary team and its loyal fans as the Royals continue to grow,"
