IPL shocker: Record ₹15,660 crore deal for Rajasthan Royals finalised

JAIPUR: The inaugural IPL champions, Rajasthan Royals, have new owners. A consortium comprising industrial titans Lakshmi N. Mittal, Aditya Mittal, and Adar Poonawalla has acquired the team for a record-breaking sum. The acquisition also includes the franchise’s international teams: Paarl Royals in the SA20 and Barbados Royals in the Caribbean Premier League.

Reports indicate that the consortium purchased the entire stakes of the team for approximately $1.65 billion (roughly ₹15,660.23 crore). An official press release regarding the deal is expected shortly.

Following legal clearances from the BCCI, the Competition Commission of India (CCI), and the IPL Governing Council, the Mittal family will hold approximately 75% of the franchise, while Adar Poonawalla will own 18%. The remaining 7% will be reserved for existing investors, including current owner Manoj Badale. The transaction process is expected to be completed by the third quarter of 2026.

In March, a consortium led by Kal Somani was the frontrunner to acquire the team for approximately ₹15,300 crore. However, that bid failed due to an inability to raise the necessary funds, regulatory hurdles, and uncertainties within the consortium’s structure. Following this, the Mittal-led group stepped in. The new board members will include ArcelorMittal Chairman Lakshmi N. Mittal, CEO Aditya Mittal, Non-Independent Director Vanisha Mittal Bhatia, and Serum Institute of India CEO Adar Poonawalla.