The family of steel magnate Lakshmi Mittal, founder of ArcelorMittal, has reached an agreement to acquire a controlling stake in the Indian Premier League (IPL) franchise Rajasthan Royals. The significant deal, valued at approximately $1.65 billion (₹15,660 crore), involves a partnership with entrepreneur Adar Poonawalla, CEO of Serum Institute of India.
This acquisition goes beyond just the IPL team, encompassing the broader global multi-league sports brand, which includes the Paarl Royals in South Africa and the Barbados Royals in the Caribbean. The transaction sees the Mittal family and Adar Poonawalla taking over ownership from Manoj Badale and his consortium.
Ownership Structure and Approvals
Upon completion, the Mittal family is slated to hold approximately 75% of the Rajasthan Royals, while Adar Poonawalla will secure an 18% stake. The remaining 7% will continue to be held by approved existing investors, including Manoj Badale.
The deal's finalization is anticipated in the third quarter of 2026. However, it remains contingent on obtaining necessary approvals from several key regulatory bodies, including the Board of Control for Cricket in India (BCCI), the Competition Commission of India (CCI), and the IPL Governing Council, alongside other relevant regulators.
A Personal and Strategic Investment
Lakshmi Mittal expressed a personal connection to the investment, stating, "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." He added his anticipation of joining the team and its legacy of great players.
His son, Aditya Mittal, highlighted the strategic importance, describing the IPL as one of the world's largest sports leagues and the Rajasthan Royals as an iconic team. "The Royals is well known for developing new talent – that resonates deeply with me," he remarked.
Adar Poonawalla, joining as a minority partner, conveyed his enthusiasm for supporting the franchise's future growth. "Rajasthan Royals is a premier IPL franchise with a strong legacy, and I look forward to supporting its continued growth and long-term success," Poonawalla commented.
Rajasthan Royals: A Legacy of Talent
As one of the original IPL teams, Rajasthan Royals famously clinched the inaugural season title in 2008. The franchise has built a strong reputation for its ability to identify and nurture emerging cricketing talent, often competing successfully against rivals with greater financial resources. The new owners are set to inherit a well-established brand recognized for both its on-field performance and its commitment to player development across multiple international leagues.