Mittal family seals landmark takeover of Rajasthan Royals

Lakshmi Mittal has confirmed the acquisition of the Rajasthan Royals, announcing that a definitive agreement has been reached to purchase the IPL’s Jaipur franchise for $1.65 billion. The consortium includes Adar Poonawalla of the Serum Institute of India and outgoing lead owner Manoj Badale, with the Mittal family set to control roughly 75 percent of the team. Poonawalla will hold 18 percent, while existing investors retain the remaining stake.

The deal also covers the Royals’ overseas subsidiaries, Paarl Royals in South Africa and Barbados Royals in the Caribbean, and remains subject to approvals from the BCCI, CCI and IPL Governing Council. Mittal, who grew up in Rajasthan, described the purchase as deeply personal and expressed excitement about contributing to the franchise’s next chapter. Poonawalla and Badale both welcomed the transition, highlighting the group’s long‑term vision. The Royals, champions in 2008, are currently thriving in the 2026 season and pushing toward the playoffs.