Top News

RR sold for $1.65 billion; Mittal family acquire 75% ownership
03 May 2026

The Rajasthan Royals IPL franchise has been acquired by a consortium led by steel tycoon Lakshmi N. Mittal's family and Adar Poonawalla, CEO of Serum Institute of India.

The deal is valued at around $1.65 billion (approximately ₹15,660 crore) and includes the team's overseas franchises in South Africa and the Caribbean.

The current ownership group led by Manoj Badale will continue to hold a minority stake in the team after the transaction is completed.

New board structure post-deal
Ownership structure

The new ownership structure will see Lakshmi Mittal, Aditya Mittal, Vanisha Mittal-Bhatia, Poonawalla and Badale join the board of Rajasthan Royals.

After the deal is finalized, the Mittal family will own around 75% of the franchise while Poonawalla will have an 18% stake.

The remaining 7% will continue to be owned by existing investors who have been approved.

Deal pending on several regulatory approvals
Transaction completion

The completion of this high-profile transaction is subject to regulatory approvals from the Board of Control for Cricket in India (BCCI), Competition Commission of India (CCI), IPL Governing Council, and other authorities.

The deal is expected to be completed in the third quarter of 2026.

Aditya Mittal, CEO of ArcelorMittal, expressed his excitement about being part of such an iconic team as Rajasthan Royals.

Poonawalla lauds RR's legacy
Franchise legacy

Poonawalla also expressed his excitement over the investment, calling Rajasthan Royals a premier IPL franchise with a strong legacy.

He said he looks forward to supporting its continued growth and long-term success.

The deal is one of the largest transactions involving an Indian Premier League franchise, underscoring the increasing value of premium sports assets associated with cricket's richest tournament.