IPL 2026: Mittal Family, Adar Poonawalla Snap Up Rajasthan Royals In $1.65 Billion Mega Deal

IPL 2026: A consortium led by Lakshmi M. Mittal, Aditya Mittal, and Adar Poonawalla acquired Rajasthan Royals and its sister franchises, Paarl Royals and Barbados Royals, for $1.65 billion, according to a Times of India report. An official press release will follow shortly.

Following regulatory approvals from BCCI and the Competition Commission of India (CCI), the Mittal family will control 75 percent of the team, Poonawalla will hold 18 percent, and existing investors, including Manoj Badale, will retain the remaining 7 percent. Completion is expected in the third quarter of this year.

Lakshmi M Mittal, Aditya Mittal, CEO Vanisha Mittal Bhatia, Adar Poonawalla, CEO of the Serum Institute of India, and Manoj Badale will serve on the board of the Rajasthan franchise. Earlier this year, a consortium led by Kal Somani was slated to acquire the team for $1.63 billion, but it did not meet funding or structural requirements. Elements.

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The Somani-backed consortium consisted of American businessman Rob Walton, a member of the Walmart family, and the Hamp family, which also holds most of its stakes in the NFL's Detroit Lions. Sheila Ford Hamp also comes from the Ford family, which holds a large stake in Ford Motor Company. Ale's Earning Media Ventures currently owns the Rajasthan-based franchise and holds a 65 percent stake in this team, with other investors including the American investment management firm RedBird Capital Partners, which holds a 15 percent stake, and Fox Corporation's Lachlan Murdoch.