IPL Shake-up: Mittal Family and Adar Poonawalla Acquire Majority Stake in Rajasthan Royals for ₹15,600 Crore

Jaipur, May 3, 2026 — In one of the most significant financial transactions in the history of the Indian Premier League (IPL), a powerhouse consortium led by the Mittal family and vaccine tycoon Adar Poonawalla has officially acquired a majority stake in the Rajasthan Royals. The deal, valued at a staggering $1.65 billion (approximately ₹15,660 crore), marks a new era for the 2008 champions.

The Billion-Dollar Acquisition

The agreement sees the Mittal family—comprising steel magnate Lakshmi N. Mittal, Aditya Mittal, and Vanisha Mittal-Bhatia—taking a dominant 75% stake in the franchise. Adar Poonawalla, CEO of the Serum Institute of India, has secured an 18% share, while the remaining 7% will be held by existing investors, including long-time owner Manoj Badale.

The valuation encompasses not just the IPL franchise but also its global network of teams, including the Paarl Royals in South Africa’s SA20 and the Barbados Royals in the Caribbean Premier League (CPL).

Why the Deal Matters

The transaction comes after a previously proposed acquisition by a US-based consortium led by Kal Somani—which reportedly included members of the Walton and Hamp families—collapsed due to regulatory hurdles and funding delays. The entry of the Mittal and Poonawalla families brings unprecedented financial muscle and domestic corporate pedigree to the franchise.

"The Rajasthan Royals have always been pioneers in the IPL, and this new ownership structure provides the platform for the next decade of growth," said Manoj Badale, who will remain on the restructured board. "The global expertise of the Mittal family and the innovative spirit of Adar Poonawalla are the perfect match for the Royals' brand."

Strategic Shift for the IPL

Industry analysts view this as a clear indicator of the IPL’s soaring global valuation, rivaling major European football clubs and American sports leagues. The restructured board, which will include Lakshmi N. Mittal and Adar Poonawalla, is expected to focus heavily on "sporting technology" and expanding the Royals' footprint in emerging cricket markets.

The deal is currently awaiting final clearance from the Board of Control for Cricket in India (BCCI) and the Competition Commission of India (CCI), with the official handover expected by Q3 2026.