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In one of the biggest ownership shake-ups in IPL history, steel tycoon Lakshmi Mittal has led a consortium to acquire Rajasthan Royals in a deal worth $1.65 billion (around Rs 15,660 crore).

Mittal confirmed that a definitive agreement has been reached to take control of the Jaipur-based franchise, one of the original teams in the Indian Premier League. The consortium includes Adar Poonawalla, CEO of the Serum Institute of India, along with outgoing majority owner Manoj Badale, who will continue to be associated with the franchise in a supporting role.

Under the deal structure, the Mittal family will hold a controlling 75% stake, while Poonawalla will own 18%. The remaining 7% will stay with existing investors, including Badale.

The acquisition also includes the franchise’s global teams—Paarl Royals in South Africa and Barbados Royals in the Caribbean—significantly expanding the consortium’s international cricket presence.

The announcement comes as a surprise, especially after earlier reports suggested a US-based group led by Kal Somani, along with investors like Rob Walton, was close to finalizing the deal.

The transaction is subject to approvals from the Board of Control for Cricket in India, the Competition Commission of India, and the IPL Governing Council. The deal is expected to be completed in the third quarter of 2026.

Mittal noted that his roots in Rajasthan make the acquisition personally meaningful, while Poonawalla highlighted the franchise’s strong legacy and future growth potential. Badale emphasized that the new ownership ensures both continuity and ambition.

This landmark deal ranks among the most valuable franchise acquisitions in IPL history, underscoring the league’s rapidly growing global appeal.