Lisbon, Portugal — May 7, 2026 — In a landmark transaction that reshapes the landscape of Indian Premier League (IPL) ownership, the Rajasthan Royals franchise has been sold for approximately $1.65 billion to a consortium led by steel magnate Lakshmi N. Mittal’s family and Adar Poonawalla, CEO of the Serum Institute of India. The deal, finalized in early May 2026, follows the collapse of an earlier proposed acquisition by tech entrepreneur Kal Somani and his consortium, which had faced funding and regulatory hurdles.
The Mittal family will assume a 75% stake in the franchise, while Poonawalla will hold 18%, with the remaining 7% retained by existing investors, including Manoj Badale. The transaction includes not only the Jaipur-based IPL team but also its overseas franchises: Paarl Royals (South Africa) and Barbados Royals (Caribbean). The sale marks the exit of RedBird Capital Partners, which had acquired a 15% stake for $37.5 million in 2021, as well as media mogul Lachlan Murdoch from the ownership group.
The deal is subject to regulatory approvals from the Board of Control for Cricket in India (BCCI), the Competition Commission of India (CCI), and the IPL Governing Council, with completion expected in the third quarter of 2026. Upon finalization, Mittal family members—including Aditya Mittal and Vanisha Mittal-Bhatia—along with Poonawalla and Badale, will join the Rajasthan Royals board.
Breakdown of the $1.65 Billion Acquisition
According to definitive agreements verified by The Economic Times, the transaction values the franchise at $1.65 billion, a figure that reflects its status as one of the most valuable assets in Indian sports. The Mittal family’s entry into IPL ownership aligns with their broader investments in global sports, including stakes in football clubs and motorsport ventures. Poonawalla, known for his philanthropic contributions and leadership in vaccine manufacturing, brings a unique profile to the franchise.
Key stakeholders in the deal:
- Lakshmi Mittal’s family (75%): Steel magnate with global business interests, including ArcelorMittal.
- Adar Poonawalla (18%): CEO of Serum Institute, a key player in global vaccine production.
- Manoj Badale (7%): Existing investor retaining a minority stake.
- RedBird Capital Partners (exiting): Sold their 15% stake in 2021 for $37.5 million.
The acquisition follows the collapse of a competing bid led by Kal Somani, a US-based tech entrepreneur, in partnership with Rob Walton (heir to Walmart) and Sheila Ford Hamp. That proposed $1.63 billion deal unraveled due to funding constraints, regulatory uncertainties, and structural complexities within the buyer group, according to industry sources.
Why This Deal Matters for IPL and Indian Sports
The Rajasthan Royals sale is more than a financial transaction—it signals a strategic pivot in IPL ownership dynamics. The Mittal family’s entry brings corporate stability and global business networks to the franchise, potentially enhancing its commercial appeal. Poonawalla’s involvement, meanwhile, introduces a philanthropic and public health dimension, aligning with the Serum Institute’s reputation for vaccine innovation.
For the IPL, this deal underscores the league’s growing attractiveness to high-net-worth individuals and conglomerates, particularly as it expands its global footprint. The inclusion of overseas franchises like Paarl Royals and Barbados Royals in the sale highlights the IPL’s ambition to broaden its international reach beyond traditional markets.
Regulatory hurdles remain, still. The BCCI and CCI will scrutinize the transaction for anti-competitive concerns and ensure compliance with IPL’s ownership norms. The deal’s closure hinges on these approvals, with no official timeline beyond the third-quarter 2026 expectation.
Stakeholders: Who Gains and Who Loses?
Winners:
- Rajasthan Royals fans: Potential for improved infrastructure, player acquisitions, and fan engagement under new ownership.
- IPL Governing Council: Diversification of ownership, reducing reliance on a single investor group.
- Global investors: Mittal family’s reputation for long-term investments could attract further capital to IPL.
Losers:
- Kal Somani’s consortium: Their failed bid leaves them without an IPL stake, despite high-profile backers like Rob Walton.
- RedBird Capital Partners: Exit after a five-year tenure, though their $37.5 million investment is likely recouped.
- Smaller investors: The 7% stake retained by existing investors may dilute their influence over time.
What Happens Next?
The next critical checkpoint is the regulatory approval process, which includes:
- BCCI approval: Expected within 4–6 weeks post-agreement signing.
- CCI clearance: Typically takes 60–90 days for high-value transactions.
- IPL Governing Council ratification: Final step before ownership transfer.
Once approved, the Mittal-Poonawalla consortium will take over operational control, with plans to enhance the team’s on-field performance, stadium facilities, and commercial partnerships. Fans can expect updates from the franchise’s official channels as the transition progresses.
This deal marks a pivotal moment for the IPL. Share your thoughts on the new ownership—will it bring success to Rajasthan Royals? Comment below or share this story with fellow cricket fans.