Mittal Family and Adar Poonawalla Partner to Acquire Rajasthan Royals for $1.65 Billion

Rajasthan Royals Sold to Mittal Family and Adar Poonawalla in $1.65 Billion Deal

On May 3, the Mittal family and Adar Poonawalla announced a definitive agreement to acquire the Rajasthan Royals, an Indian Premier League (IPL) team, from Manoj Badale and his consortium. The deal marks a significant milestone in the history of the franchise, with the Mittal family set to own approximately 75% of the team, while Adar Poonawalla will hold around 18%. The remaining 7% will be held by approved existing investors, including Manoj Badale.

The transaction consideration is approximately $1.65 billion, representing the enterprise value of the Rajasthan Royals' men's franchise, as well as its South African and Caribbean teams, Paarl Royals and Barbados Royals. The deal is subject to customary closing conditions, including approvals from the BCCI, the CCI, the IPL Governing Council, and other regulatory authorities. Completion is expected to occur in Q3 2026.

The Mittal family's acquisition of the Rajasthan Royals is a significant development in the world of sports, given their deep connection to the state of Rajasthan. Lakshmi N Mittal, the patriarch of the family, was born and grew up in the village of Sadulpur in North Rajasthan.

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The new owners will join the board of The Rajasthan Royals, alongside Vanisha Mittal-Bhatia, Adar Poonawalla, and Manoj Badale. The Mittal family has expressed their enthusiasm for the deal, with Lakshmi N Mittal stating that he is thrilled to be part of the Rajasthan Royals, given his love for cricket and his family's connection to the state. Aditya Mittal, the son of Lakshmi N Mittal, has also expressed his excitement, citing the team's legacy and commitment to developing new talent.

The deal marks a significant shift in the ownership structure of the Rajasthan Royals, with Manoj Badale continuing to support the team as a bridge between the past and the present. Badale will bring his deep knowledge and experience of cricket to the franchise, ensuring a seamless transition.

The acquisition is part of a larger strategy by the Mittal family to bolster its sports portfolio. The family's other sports interests include cricket teams in South Africa and the Caribbean, which will be part of the deal.

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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. Raine ran the sale process and acted as commercial adviser to the seller consortium, alongside Deloitte as financial adviser, EY as tax adviser, and Macfarlanes LLP and AZB Partners as legal counsel.