Indian Premier League (IPL) franchise Rajasthan Royals has been acquitred by the Mittal Household, the staff introduced via a press release on Sunday.
“Lakshmi N. Mittal and Aditya Mittal immediately announce {that a} definitive settlement has been reached to accumulate the Rajasthan Royals, in partnership with Adar Poonawalla, from Manoj Badale and consortium,” the staff mentioned in a press release.
The Mittal household would be the majority stakeholder of the franchise, proudly owning 75 %, whereas billionaire Adar Poonawalla has acquired 18 per cent stake. Poonawalla has been the CEO of Serum Institute of India — the agency which developed COVISHIELD, one of many COVID-19 vaccines utilized in India.
“The transaction consideration is roughly US$1.65 billion and represents the enterprise worth of Rajasthan Royals’ males’s franchise, Paarl Royals and Barbados Royals. Completion is topic to customary closing situations, together with approvals from the BCCI, the CCI, the IPL Governing Council and different relevant regulatory authorities, and is anticipated to happen in Q3 2026,” the franchise added.
Rajasthan Royals turns into the second franchise to be acquired this 12 months after Royal Challengers Bengaluru, which was offered for Rs. 16,660 crore. It had received the inaugural version of the IPL in 2008.
Lakshmi is the chief chairman of ArcelorMittal, one of many greatest steemaking firms on this planet, whereas Aditya, his son, is the CEO of the agency.
The corporate additionally holds a 3 per cent stake in EFL Championship soccer membership Queens Park Rangers, whereas Lakshmi has roots in Rajasthan, from the place the IPL franchise hails.
“I really like cricket and my household is from Rajasthan, so there is no such thing as a IPL staff that I might slightly be a part of than the Rajasthan Royals. I first performed cricket as a schoolboy, and since then I’ve been an avid fan of the game,” Lakshmi mentioned.
The acquisition comes practically two months after the reported bid by US-based investor Kal Somani, which was additionally trying to purchase a 100 per cent stake within the franchise for USD 1.63 billion (Rs. 16,290 crore).
Nevertheless, that deal couldn’t be accomplished, shortly after which the Mittal Household, together with Poonawalla and Manoj Badale, who was already a co-owner of the Royals, took over the staff.
“Mr. Badale will proceed to assist Rajasthan Royals, appearing as a bridge between the previous and the current, and bringing his deep data and expertise of cricket to the franchise,” the Royals mentioned in a press release.
Printed on Could 03, 2026