Lakshmi Mittal and Adar Poonawalla Consortium Secures Rajasthan Royals IPL Franchise
In a move that underscores the growing financial clout of global investors in Indian cricket, a consortium led by steel magnate Lakshmi Mittal and vaccine entrepreneur Adar Poonawalla has agreed to acquire the Rajasthan Royals franchise. The agreement, announced in a joint statement, values the team at approximately US $1.65 billion.
The transaction encompasses not only the Royals’ men’s side in the Indian Premier League (IPL) but also its sister franchises – the Paarl Royals competing in South Africa’s SA20 league and the Barbados Royals participating in the Caribbean Premier League (CPL).
Details of the Ownership Structure
According to the consortium’s disclosure, Lakshmi Mittal, together with his family, will hold about 75 percent of the equity in the Rajasthan Royals. Adar Poonawalla’s stake is set at roughly 18 percent, while existing investors, notably co‑founder Manoj Badale, will retain approximately 7 percent.
Upon regulatory clearance, the following individuals are slated to join the franchise’s board:
- Lakshmi Mittal
- Aditya Mittal (son of Lakshmi Mittal)
- Vanisha Mittal‑Bhatia (daughter of Lakshmi Mittal)
- Adar Poonawalla
- Manoj Badale
Badale has indicated he will continue to provide ongoing support to the Royals, leveraging his long‑standing association with the club.
Regulatory Pathway and Timeline
The deal remains subject to several approvals, including clearance from the Board of Control for Cricket in India (BCCI), India’s antitrust regulator (the Competition Commission of India), and the IPL Governing Council. The consortium anticipates closing the transaction in the third quarter of 2026, pending fulfillment of these conditions.
Industry analysts note that the BCCI’s scrutiny will focus on compliance with foreign investment norms and the preservation of competitive balance within the league, while the antitrust review will assess potential market concentration effects arising from the Mittal‑Poonawalla combine.
Implications for the Franchise and Sister Teams
Observers suggest that the infusion of capital from the Mittal‑Poonawalla consortium could enable the Royals to upgrade player acquisition strategies, enhance training facilities, and expand fan‑engagement initiatives across digital platforms. The ownership of Paarl and Barbados Royals may also foster cross‑league talent exchanges and shared commercial opportunities, potentially strengthening the Royals’ brand presence in emerging T20 markets.
Former Royals captain and cricket analyst Rahul Dravid remarked in a recent interview with ESPNcricinfo that “stable, well‑resourced ownership is crucial for sustaining long‑term success in franchise cricket,” highlighting the strategic relevance of the new backing.
As the regulatory process unfolds, stakeholders across the cricket ecosystem will be watching closely to see how the Mittal‑Poonawalla partnership reshapes the Rajasthan Royals’ trajectory on and off the field.
