The family of steel billionaire Lakshmi Mittal, founder of ArcelorMittal, has successfully acquired a controlling stake in the Indian Premier League (IPL) franchise Rajasthan Royals. This significant acquisition, made in partnership with Serum Institute CEO Adar Poonawalla, values the entire enterprise at approximately ₹15,660 crore (about $1.65 billion).
The transaction encompasses not only the Rajasthan Royals men's franchise but also the Paarl Royals in South Africa and the Barbados Royals in the Caribbean, establishing a global multi-league sports brand under new ownership.
New Ownership Structure and Board
Upon completion of the deal, the Mittal family is set to hold around 75% of the Rajasthan Royals. Adar Poonawalla will secure approximately 18% ownership, with the remaining 7% staying with approved existing investors, including Manoj Badale, who previously led the consortium selling the team. Lakshmi Mittal, his son Aditya Mittal, daughter Vanisha Mittal-Bhatia, along with Adar Poonawalla and Manoj Badale, are expected to join the board of The Rajasthan Royals.
Approvals and Timeline
The acquisition is projected to finalize in the third quarter of 2026. This timeline is contingent upon receiving necessary clearances from key regulatory bodies, including the Board of Control for Cricket in India (BCCI), the Competition Commission of India (CCI), and the IPL Governing Council.
Strategic Investment and Personal Connection
Lakshmi Mittal expressed a strong personal connection to the investment, stating his love for cricket and his family's roots in Rajasthan. "There is no IPL team that I would rather be part of than the Rajasthan Royals," Mittal remarked. He praised the franchise's legacy of identifying and developing emerging talent, a sentiment echoed by his son, Aditya Mittal, who highlighted the IPL as one of the world's premier sports leagues.
Adar Poonawalla, joining as a minority partner, also voiced his enthusiasm for supporting the franchise's future growth and long-term success, recognizing Rajasthan Royals as a premier IPL entity with a strong legacy.
The Rajasthan Royals, one of the original IPL teams, famously won the inaugural season in 2008. The franchise has since built a reputation for fostering new talent while competing effectively against financially stronger rivals.