Jaipur: Steel magnate Lakshmi Niwas Mittal and his son Aditya Mittal have entered the world of professional cricket with a monumental acquisition of the Rajasthan Royals franchise. This significant deal, which includes participation from prominent business leader Adar Poonawalla, values the enterprise at an estimated $1.65 billion US dollars, or approximately 15,660 crore rupees. This transaction stands as one of the largest investment deals in the history of the Indian Premier League, reflecting the surging global valuation of cricket as a premier sporting asset. Once the regulatory formalities are finalized, the Mittal family will hold a dominant 75 per cent stake in the franchise, while Adar Poonawalla will maintain an 18 per cent share. Long-time investor Manoj Badale and other existing partners will retain the remaining 7 per cent, with Badale expected to stay involved to ensure a smooth transition between the established and incoming management teams.
The scope of this acquisition extends far beyond the borders of India, as the Rajasthan Royals have successfully evolved into a global cricket brand. The deal encompasses the entire Royals Sports Group portfolio, which includes the Paarl Royals in South Africa’s SA20 and the Barbados Royals in the Caribbean Premier League. This multi-national presence was a key driver for the investors, providing them with a year-round footprint in the global T20 circuit. The new governing structure is set to feature a high-profile board including Lakshmi Mittal, Aditya Mittal, Vanisha Mittal-Bhatia, Adar Poonawalla, and Manoj Badale. This shift in ownership follows a previously reported but ultimately unfulfilled agreement with American businessman Karl Somani, whose consortium had initially placed a record bid before the current deal took precedence.
While the commercial agreement has been reached, the finalization of the sale remains subject to essential regulatory approvals from the Board of Control for Cricket in India and the IPL Governing Council. These bodies will review the change in ownership to ensure compliance with existing league frameworks and sporting regulations. Industry analysts expect the entire process, including the transition of operational control and the securing of all necessary certifications, to be completed by September 2026. This move is widely seen as a significant endorsement of the IPL’s long-term commercial viability, as it brings in some of the world’s most influential industrialist families to lead one of the league’s most recognizable and community-focused teams.
