New Delhi, May 3 (IANS) Lakshmi N. Mittal and Aditya Mittal on Sunday announced a definitive agreement has been reached to acquire the Rajasthan Royals, in partnership with Adar Poonawalla, from Manoj Badale and consortium.

Following completion, the Mittal Family will own approximately 75 per cent of Rajasthan Royals, with Adar Poonawalla holding approximately 18 per cent. The remaining approximately 7 per cent will be held by approved existing investors, including Manoj Badale.

It is understood that the Kal Somani-led consortium, who previously had a successful bid to acquire RR, ran into getting funding issues to complete the purchase and their deal fell through.

Badale will continue to support Rajasthan Royals, acting as a bridge between the past and the present, and bringing his deep knowledge and experience of cricket to the franchise.

In addition to the IPL team, Rajasthan Royals also owns Paarl Royals in South Africa and Barbados Royals in the Caribbean. The transaction consideration is approximately USD 1.65 billion and represents the enterprise value of Rajasthan Royals’ men’s franchise, Paarl Royals and Barbados Royals.

Completion is subject to customary closing conditions, including approvals

from the BCCI, the CCI, the IPL Governing Council and other applicable regulatory

authorities, and is expected to occur in Q3 2026.

“I love cricket and my family is from Rajasthan, so there is no IPL team that I would rather be part of than the Rajasthan Royals… 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 pitch-side to cheer on our future success,” Lakshmi N. Mittal said in a statement.

Aditya Mittal, added, “The IPL has, in a very short space of time become one of the

biggest sporting leagues in the world, and the Rajasthan Royals is one of the original and the most iconic teams of the league… The Royals are well known for developing new talent – that resonates deeply with me, and we are determined that legacy will continue, harnessing the best of talent in the world for future success… We intend to continue and enhance its cherished legacy Halla Bol!”

Vanisha Mittal-Bhatia said, “Our family loves sport and we love India, and so to participate in the future success of the biggest cricket league in the world with the Rajasthan Royals is an honour and a privilege.”

Adar Poonawalla, said, “I am delighted to partner with Aditya Mittal on this

investment. Rajasthan Royals is a premier IPL franchise with a strong legacy, and I look forward to supporting its continued growth and long-term success.”

“It has been the privilege of a lifetime to be involved with the Rajasthan Royals from inception, and to have played a small part in building what has become the world’s most exciting and successful cricket league. I am hugely grateful to the most important people – our fans, as well as our players, coaches and management

teams – past and present – who have made this team what it is. We are delighted to welcome the Mittal Family and Adar Poonawalla as the new owners of the Rajasthan Royals,” said Badale.

The buyer consortium was advised by Latham & Watkins LLP, Cyril Amarchand Mangaldas and Trilegal as legal counsel, Goldman Sachs as financial adviser and Price Waterhouse & Co LLP as tax adviser.

–IANS

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