4 min readChennaiMay 3, 2026 07:51 PM IST
UK-based Indian billionaire Lakshmi Mittal, along with Adar Poonawala of the Serum Institute of India, has acquired a stake in the IPL franchise Rajasthan Royals in a deal worth $1.65 billion, approximately Rs 15,660 crore. The Mittal family, Poonawala and Manoj Badale, the current principal owner of RR, have formed a new consortium that will own Paarl Royals and Barbados Royals, two other franchises that are part of the SA20 and the Caribbean Premier League respectively.
RR, one of the eight franchises that has been part of the IPL since 2008, was bought by Badale for $67 million. The Mittals have presence in other sporting ventures like the NBA’s Bolton Celtics as well as English football club Queens Park Rangers.
The deal, announced on Sunday, comes after months of uncertainty over RR’s ownership. In March, reports suggested that the franchise had a new owner – a consortium led by Arizona-based tech entrepreneur Kal Somani. But that was not to be, and now the new Mittal-Poonawala deal awaits the approval of the BCCI and the Competition Commission of India.
The statement released by the three parties gave the specifics about RR’s new ownership. “Following completion, the Mittal Family will own approximately 75% of Rajasthan Royals, with Adar Poonawalla holding approximately 18%. The remaining approximately 7% will be held by approved existing investors, including Manoj Badale. Mr Badale will continue to support Rajasthan Royals, acting as a bridge between the past and the present, and bringing his deep knowledge and experience of cricket to the franchise,” the press release said.
It is understood that Lakshmi Mittal’s son Aditya is likely to be the new face of the franchise. The 50-year-old, who is the CEO of Arcelor Mittal, made his entry into the NBA in 2025 by investing $1 billion into the Bolton Celtics. Mittal Sr, in 2007, had bought a 33 per cent stake in Queens Park Rangers, a London-based club that has been a part of the English Premier League.
“I love cricket and my family is from Rajasthan, so there is no IPL team that I would rather be part of than the Rajasthan Royals,” Lakshmi Mittal said. “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.”
According to the statement, Badale would continue to be part of RR, acting as a bridge between the past and the present. “It has been the privilege of a lifetime to be involved with the Rajasthan Royals from inception, and to have played a small part in building what has become the world’s most exciting and successful cricket league. 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,” Badale said.
