Rajasthan Royals Owners: Mittal Family, Adar Poonawalla Complete $1.65 Billion IPL Deal — New Ownership Structure Explained

Rajasthan Royals Owners: Rajasthan Royals, in a landmark deal, have been bought by the Mittal Family, with Adar Poonawalla. Lakshmi N. Mittal and Aditya Mittal, along with Poonawalla, Serum Institute of India’s CEO, bought the Royals group after a previous deal with Kal Somani fell through. Months after Royal Challengers Bengaluru’s USD 1.78 billion sale to an Aditya Birla-led consortium in March, the Indian Premier League’s shifting ownership landscape has resulted in another significant deal: the Rajasthan Royals confirmed a historic change of control. 

In a deal worth roughly USD 1.65 billion, or Rs 15,660 crore, the Mittal Family, led by Lakshmi N. and Aditya Mittal, has signed a final contract to purchase the franchise. The group purchased the franchise from Manoj Badale and his other investors in collaboration with Adar Poonawalla, CEO of Serum Institute of India. The IPL team, the Paarl Royals in South Africa, and the Barbados Royals in the Caribbean are all included in the valuation of the Royals’ international holdings. 

IPL 2026: Who are the new owners of the Rajasthan Royals?

On May 3, Lakshmi N. Mittal and Aditya Mittal declared that a final deal had been struck to buy the Rajasthan Royals from Manoj Badale and a consortium in collaboration with Adar Poonawalla. After completion, Adar Poonawalla would own about 18% of Rajasthan Royals, while the Mittal family would possess about 75%. Manoj Badale and other authorized current investors will own the remaining 7%. By serving as a link between the past and the present and contributing his extensive cricket expertise and experience to the team, Badale will continue to assist the Rajasthan Royals. 

Rajasthan Royals Owners: Who is Lakshmi N Mittal?

Lakshmi Niwas Mittal is a steel tycoon and a billionaire from India. There is a personal connection to the deal as the 75-year-old was born in the northern Rajasthani village of Sadulpur. He is chairman of Aperam, a manufacturer of stainless steel, and executive chairman of ArcelorMittal, the second largest steelmaker in the world. Mittal owns 38% of ArcelorMittal and 3% of Queens Park Rangers, an EFL Championship football team. 

Talking about the deal, Lakshmi said, “‘I love cricket and my family is from Rajasthan, so there is no IPL team that I would rather be part of than the Rajasthan Royals. I first played cricket as a schoolboy, and since then I have been an avid fan of the sport. Many great players have worn the Rajasthan Royals shirts, including Indian icons of the sport who have been an inspiration for the younger talent. I look forward to being part of this great team.”

Rajasthan Royals Owners: Who is Aditya Mittal?

The CEO of ArcelorMittal is Aditya Mittal, an Indian business heir. Mittal was born in India, grew up in Indonesia, and went to Jakarta International School for high school. He graduated in 1996 with a bachelor’s degree in economics from the University of Pennsylvania’s Wharton School in the United States. He began working for the family company in 1997 and had a number of jobs until February 2021, when he was named CEO of ArcelorMittal. 

Talking about the deal, Aditya said, “The IPL has, in a very short space of time become one of the biggest sporting leagues in the world, and the Rajasthan Royals is one of the original and the most iconic teams of the league. Personally, I am so honoured and excited to be part of this great team.”

Rajasthan Royals Owners: Who is Adar Poonawalla?

Adar Poonawalla is an Indian businessman, and he is the CEO of Serum Institute of India and chairman of Poonawalla Fincorp. Serum Institute of India was founded by his father, Cyrus Poonawalla. Adar joined the organisation in 2001 and worked in multiple positions before becoming the CEO in 2011. 

Talking about the deal, Adar said, “I am delighted to partner with Aditya Mittal on this investment. Rajasthan Royals is a premier IPL franchise with a strong legacy, and I look forward to supporting its continued growth and long-term success.”

Also Read: Babar Azam PSL Finals Record: Has Peshawar Zalmi Captain Won The Pakistan Super League? Stats, Performance & PES vs HYK Preview