The Rajasthan Royals, champions of the inaugural Indian Premier League (IPL) season in 2008, have been acquired by a new consortium for an estimated ₹15,660 crore (approximately $1.65 billion). This significant transaction, announced on May 3, 2026, further underscores the immense financial growth and global appeal of the IPL, which was recently valued at $18 billion by a Kotak Mutual Fund report.
New Ownership for the Royals
Steel magnate Lakshmi Niwas Mittal and his son Aditya Mittal, operating through their family office, have secured a 75% stake in the Rajasthan Royals franchise. Joining them is Adar Poonawalla, CEO of Serum Institute of India and Chairman of Poonawalla Fincorp, who will hold an 18% share. The selling consortium was led by businessman Manoj Badale, who will retain a reduced 7% stake alongside other approved existing investors.
IPL's Soaring Valuations
The Rajasthan Royals sale comes just a month after another high-profile acquisition within the league. A consortium spearheaded by the Aditya Birla Group purchased 100% of Royal Challengers Bengaluru (RCB) for $1.78 billion (around ₹16,660 crore). These back-to-back deals highlight a burgeoning interest in IPL franchises, signaling their status as highly sought-after assets in the global sports market.
Past Bids and Complexities
The path to the Rajasthan Royals acquisition was not without its challenges. In March, an investor group led by Kal Somani, which included notable figures like Rob Walton (Walmart heir) and Sheila Ford Hamp (principal owner of the NFL's Detroit Lions), had made a $1.63 billion bid for the franchise. The transaction faced multiple complexities, including capital raising issues and a legal dispute involving former minority investor Raj Kundra.
Broader Investment Landscape
For Adar Poonawalla, this marks his second significant venture into the entertainment sector, following his acquisition of a 50% stake in Karan Johar's Dharma Productions for ₹1,000 crore in October 2024. The IPL continues to attract substantial corporate investment, with other prominent teams owned by major entities such as Reliance Industries (Mumbai Indians), Torrent Group (Gujarat Titans), Sun TV Network (Sunrisers Hyderabad), and a joint venture between GMR Group and JSW Sports (Delhi Capitals).