New Delhi: Lakshmi Niwas Mittal, known as the Steel King, and Aditya Mittal announced on Sunday that they have reached an agreement to acquire Rajasthan Royals (RR) in partnership with Adar Poonawalla, Manoj Badale, and a consortium.
The Mittal family will hold approximately 75 percent of Rajasthan Royals, while Adar Poonawalla will own about 18 percent. Around 7 percent will be held by existing approved investors, including Manoj Badale. It is believed that the consortium led by Kal Somani, which previously made a successful bid to acquire RR, faced funding issues in completing the purchase, leading to the deal falling through.
Badale will continue to support Rajasthan Royals and act as a bridge between the past and the present, bringing his deep knowledge and experience of cricket to the franchise. In addition to the IPL team, Rajasthan Royals also owns Paarl Royals in the South Africa T20 League (SA20) and Barbados Royals in the Caribbean Premier League (CPL). RR was sold for approximately $1.65 billion, reflecting the enterprise value of the Rajasthan Royals men's franchise, Paarl Royals, and Barbados Royals.
The completion of the agreement is subject to standard closing conditions, including approvals from BCCI, CCI, IPL governing council, and other applicable regulatory authorities, and is expected to occur in the third quarter of 2026. Lakshmi N. Mittal stated that he loves cricket and his family is from Rajasthan, so there is no other IPL team he would want to be a part of besides Rajasthan Royals.
He expressed excitement about being part of this great team and looks forward to cheering for future successes alongside all the fans on the sidelines. Aditya Mittal mentioned that IPL has become one of the largest sporting leagues in the world in a short time, and Rajasthan Royals is one of the iconic teams of the league, known for developing new talents, which he finds very appealing. They are committed to continuing this legacy and utilizing the best talents in the world for future success.
Vanisha Mittal-Bhatia expressed that their family loves sports and India, so being part of the future success of the world's largest cricket league with Rajasthan Royals is an honor and privilege. Adar Poonawalla expressed happiness in partnering with Aditya Mittal on this investment, stating that Rajasthan Royals is a premier IPL franchise with a strong legacy, and he is eager to contribute to its continued growth and long-term success. Badale remarked that being associated with Rajasthan Royals from the beginning and playing a small role in creating one of the most exciting and successful cricket leagues has been a lifelong privilege.
He expressed gratitude to the most important people—fans, players, coaches, and management teams, both old and new—who have made the team what it is today. He welcomed the Mittal family and Adar Poonawalla as the new owners of Rajasthan Royals.
Publish with Us: Wish to feature your personal or organizational milestones, success stories, or press releases in Loktej English? Contact us, and we will guide you through our publication process.
Feedback & Corrections: We strive for accuracy. If you spot an error, have feedback, or object to the content of this article/press release, please notify us at loktejonline [at] gmail [dot] com. We will review the matter and rectify it at the earliest.
