Rajasthan Royals Acquired in Landmark $1.65 Billion Deal

The inaugural champions of the Indian Premier League (IPL), Rajasthan Royals, have undergone a significant change in ownership following a major acquisition deal valued at approximately $1.65 billion (roughly £1.3 billion or ₹20,250 crore). The franchise has been purchased by a consortium led by the prominent industrialist Lakshmi N. Mittal and his family, alongside the billionaire vaccine magnate Adar Poonawalla. The transition of ownership was confirmed today through an official joint statement issued by the involved parties.

Structural Details of the Acquisition

The agreement outlines a comprehensive redistribution of the franchise’s equity. The Mittal family, renowned for their global steel empire, will hold a commanding 75% stake in the organisation. Adar Poonawalla, the Chief Executive Officer of the Serum Institute of India, has secured an 18% share. The remaining 7% will be retained by existing investors, including Manoj Badale, who has been the face of the franchise’s ownership for many years. Despite the sale, Badale will continue to serve on the board of the Royals to ensure administrative continuity.

Significantly, the $1.65 billion enterprise value encompasses the entire Royals Sports Group portfolio. This includes the IPL team in India, as well as their international affiliates: Paarl Royals in South Africa’s SA20 and Barbados Royals in the Caribbean Premier League (CPL).

Strategic Context and Market Valuation

This transaction highlights the meteoric rise in the valuation of IPL franchises. It follows the March 2026 acquisition of Royal Challengers Bengaluru (RCB) by the American private equity firm Blackstone for $1.77 billion. Such figures underscore the IPL’s role as a cornerstone of India’s sports economy. According to data from the Board of Control for Cricket in India (BCCI), the league contributed over $11 billion to the national economy as early as 2020.

Ownership Perspectives

Lakshmi N. Mittal expressed a personal connection to the investment, noting that his family roots in the state of Rajasthan made this a natural choice for his entry into cricket ownership. Similarly, Adar Poonawalla emphasised his commitment to the “long-term development” of the franchise, citing its “glorious heritage” as a primary motivator.

Manoj Badale welcomed the new owners, stating, “Their passion for cricket, their connection with Rajasthan and India, and their ambition for the future of the franchise make them the ideal guardians for this team.”

Historical Performance and Current Standing

Rajasthan Royals famously won the first-ever IPL title in 2008 under the captaincy of the late Shane Warne. Although they have not secured a trophy in the 18 years since, the team remains a formidable contender. The recent emergence of the young prodigy Vaibhav Suryavanshi has further heightened the team’s profile.

In the current season, the Royals have played 10 matches, securing 12 points to sit in 4th place on the league table. They currently trail the league leaders, Punjab Kings, by a margin of only one point. The cricketing world now watches to see if this infusion of capital and new leadership can end the franchise’s long title drought.