Rajasthan Royals Stake Sale Valued at ₹15,660 Crore; Mittals Lead Deal

Rajasthan Royals stake sale sees Mittal family take 75% control, with Adar Poonawalla joining as key partner in record IPL deal

Landmark IPL Deal
In what is being described as one of the biggest investments in the history of the Indian Premier League, the Rajasthan Royals franchise is set to undergo a major ownership change. The team is being valued at approximately ₹15,660 crore ($1.65 billion), following an agreement led by steel tycoon Lakshmi N. Mittal and his family.

The development, which emerged late Sunday, signals a significant shift in the business landscape of IPL franchises, reflecting the league’s growing commercial appeal both within India and globally.

Stake Distribution Details
According to information shared by officials familiar with the matter, the Mittal family—led by Lakshmi Mittal along with Aditya Mittal—will acquire a controlling 75% stake in Rajasthan Royals once the deal is completed.

Entrepreneur Adar Poonawalla is expected to hold an 18% stake, joining as a strategic partner in the franchise. The remaining roughly 7% stake will continue to be held by existing investors, including team promoter Manoj Badale.

Badale is likely to remain associated with the franchise in an advisory capacity, ensuring continuity as the ownership transitions.

Mittal’s Rajasthan Connect
In a joint statement released alongside the announcement, Lakshmi Mittal highlighted his personal connection to Rajasthan. Born in Sadulpur in Churu district, Mittal described the association with Rajasthan Royals as “a matter of pride.”

“My family is from Rajasthan, so there is no IPL team I would rather be part of,” he said, adding that he looks forward to engaging with fans and contributing to the team’s future.

Those involved in the deal say this regional linkage also played a role in shaping the investment decision, apart from the commercial potential of the franchise.

Regulatory Clearances Pending
The transaction is not yet final. Sources indicate that it remains subject to approvals from the Board of Control for Cricket in India, the IPL Governing Council, and other regulatory authorities.

If clearances proceed without delays, the deal is expected to close by the third quarter of 2026, likely around September. Until then, operational control is expected to remain with the current management.

Global Franchise Footprint
Over the past few years, Rajasthan Royals has expanded beyond its IPL identity, building a broader international presence. The franchise owns teams in overseas leagues, including Paarl Royals in South Africa’s SA20 competition and Barbados Royals in the Caribbean Premier League.

Industry observers note that this global footprint was a key factor in driving up the valuation, positioning the franchise as more than just a domestic cricket team.

On-Field Legacy
Rajasthan Royals remains one of the original IPL teams and famously won the inaugural 2008 season under the captaincy of Shane Warne. However, success has been sporadic since then.

The team reached the final again in 2022 but fell short against Gujarat Titans. In recent seasons, the Royals have remained competitive but have not secured another title.

Past Setbacks and Recovery
The franchise’s journey has not been without controversy. Rajasthan Royals faced a two-year suspension from the IPL in 2016 and 2017 following a spot-fixing scandal that surfaced in 2015. The Lodha Committee probe had found then co-owner Raj Kundra guilty of betting-related violations.

The team returned in 2018 and has since rebuilt its image, focusing on young talent and consistent performances.

What Lies Ahead
The Rajasthan Royals stake sale is being closely tracked across the sports and business ecosystem. Analysts believe the entry of deep-pocketed investors like the Mittal family and Adar Poonawalla could further professionalise operations and boost the franchise’s competitive edge.

As the IPL continues to attract global capital, this deal may set a new benchmark for franchise valuations. Much will depend on regulatory approvals in the coming months, but for now, Rajasthan Royals appears poised for a new chapter under its incoming ownership.