RR sold for ₹15,660 crore, Mittal family acquires 75% stake:Adar Poonawalla joins as partner in landmark IPL deal

The biggest deal in Indian Premier League history has emerged around Rajasthan Royals, with industrialists Lakshmi N. Mittal and Aditya Mittal entering into an agreement to acquire the franchise in partnership with Adar Poonawalla. The estimated enterprise value of the deal is around $1.65 billion (Rs 15,660 crore), placing it among the largest investment deals in IPL history. After completion, the Mittal family is expected to hold approximately 75% stake in Rajasthan Royals, while Adar Poonawalla will retain around 18% stake as a partner. The remaining nearly 7% stake will stay with Manoj Badale and other existing investors. Badale will continue to be associated with the franchise, providing strategic guidance and ensuring continuity between the existing and new management. Cannot wait to join fans: Lakshmi Mittal “My family is from Rajasthan, so there is no IPL team that I would rather be part of than the Rajasthan Royals. I first played cricket as a schoolboy, and since then I have been an avid fan of the sport. Many great players have worn the Rajasthan Royals shirts, including Indian icons of the sport who have been an inspiration for the younger talent. I look forward to being part of this great team, and cannot wait to join all the fans on the pitch-side to cheer on our future success,” Lakshmi Mittal said in the joint statement. Deal likely by September 2026 Rajasthan Royals has evolved beyond an IPL team into a global cricket brand. It also owns teams such as Paarl Royals in South Africa and Barbados Royals in the Caribbean, strengthening its international presence. However, the deal remains subject to regulatory approvals. It will be finalized only after clearance from the Board of Control for Cricket in India, the IPL Governing Council and other relevant authorities. It is expected that, once all procedures are completed, the deal could be concluded by the third quarter of 2026 (September). Under the new ownership structure, Lakshmi N. Mittal, Aditya Mittal, Vanisha Mittal-Bhatia, Adar Poonawalla and Manoj Badale will be part of the board. The deal carries added significance due to the Mittal family’s deep roots in Rajasthan, as Lakshmi Mittal was born in Sadulpur village in Churu district. Mittal said his passion for cricket dates back to childhood and described his association with Rajasthan Royals as a matter of pride. He expressed his commitment to taking forward the team’s legacy and being part of its journey with fans. Rajasthan won the title in 2008 Under the captaincy of Shane Warne, RR won the inaugural IPL season in 2008. However, the team’s performance declined in the following years. Since then, they have reached the final only once, in 2022, where they lost to Gujarat Titans. RR was banned for two years Rajasthan Royals were banned for two years following a spot-fixing scandal that surfaced in 2015. After investigation, the Lodha Committee found team co-owner Raj Kundra guilty of betting. As a result, both Rajasthan Royals and Chennai Super Kings were suspended from the 2016 and 2017 IPL seasons. Rajasthan Royals returned to the league in 2018.