Steel magnate Lakshmi N. Mittal and his son Aditya Mittal have secured a majority stake in the Rajasthan Royals IPL franchise through a definitive agreement valued at USD 1.65 billion - approximately Rs 15,600 crore - making it one of the most significant ownership transfers in Indian professional cricket's commercial history. Vaccine manufacturer Adar Poonawalla of Serum Institute of India joins the consortium as a minority partner, while outgoing lead-owner Manoj Badale retains a reduced holding. The transaction is expected to close in the third quarter of 2026, subject to regulatory clearances.
What the Valuation Reveals About Cricket's Commercial Ascent
The USD 1.65 billion figure encompasses not just the men's IPL franchise, but also the Paarl Royals in South Africa and the Barbados Royals in the Caribbean Premier League - reflecting how Indian franchise ownership has evolved into a multi-territory commercial asset rather than a single-market proposition. The valuation signals robust institutional confidence in the long-term commercial viability of Indian franchise cricket, which has steadily attracted global capital over the past decade.
For context, the Rajasthan Royals were among the original eight franchises when the IPL was established in 2008, and they won the inaugural edition of the competition. Over the years, the franchise built a reputation for identifying and developing emerging talent rather than relying exclusively on established names - an approach that shaped its identity in the market and, as Lakshmi Mittal's own statement suggests, played a role in attracting this particular buyer.
The Ownership Structure and What Changes
Under the restructured arrangement, the Mittal family will hold 75 per cent of the stake, making them the clear controlling interest. Adar Poonawalla holds approximately 18 per cent, and the remaining 7 per cent stays with existing approved investors, including Badale. The new board will include Lakshmi N. Mittal, Aditya Mittal, Vanisha Mittal-Bhatia, Adar Poonawalla, and Badale - a composition that blends incoming capital with institutional continuity.
Badale's retained presence is notable. His role, as described in the official press release, is to serve as a bridge between the franchise's history and its new ownership era, contributing institutional knowledge rather than operational control. This kind of transitional arrangement is common in high-value acquisitions where the outgoing custodian possesses intangible assets - relationships, cultural credibility, operational context - that a purely financial buyer cannot immediately replicate.
Who the Buyers Are and Why the Fit Is Significant
Lakshmi N. Mittal was born in Sadulpur, Rajasthan, and built ArcelorMittal into the world's largest steel company by output. His acquisition of a franchise bearing the name of his home state carries personal resonance alongside the commercial calculus. His son Aditya Mittal serves as CEO of ArcelorMittal, and together they represent a family with deep experience managing globally distributed, capital-intensive enterprises - a profile well suited to running a franchise with operations across three countries.
Adar Poonawalla, whose Serum Institute of India is the world's largest vaccine manufacturer by volume, brings a different but complementary dimension. His entry into franchise ownership follows a broader pattern among India's industrial elite, for whom high-visibility cultural and entertainment assets have become meaningful additions to diversified portfolios.
Regulatory Path and What Comes Next
Completion of the deal requires approvals from the Board of Control for Cricket in India, the Competition Commission of India, the IPL Governing Council, and other relevant authorities. The BCCI's ownership approval process involves scrutiny of financial standing, ownership structure, and conflict-of-interest considerations. The CCI review, standard in acquisitions of this scale, assesses whether the transaction alters competitive conditions in any relevant market.
The previous bid from a US-based consortium led by Kal Somani - valued at USD 1.63 billion - did not advance past due diligence, reportedly due to concerns that sources have not fully elaborated on publicly. The Mittal-led offer, at USD 1.65 billion, cleared that threshold and reached the definitive agreement stage, suggesting the incoming ownership satisfied the franchise's governance and financial verification requirements where the prior bid fell short.