New Delhi,May 4 (BNP): In a major development in the Indian Premier League, UK-based Indian billionaire Lakshmi Mittal and Adar Poonawalla have acquired a significant stake in Rajasthan Royals (RR) through a consortium deal valued at approximately ₹15,660 crore ($1.65 billion).
The two business leaders have partnered with existing principal owner Manoj Badale to form a new consortium that will not only control Rajasthan Royals but also its sister franchises—Paarl Royals in South Africa’s SA20 league and Barbados Royals in the Caribbean Premier League.
According to an official statement, post-transaction ownership will see the Mittal family holding around 75% stake in the franchise, while Adar Poonawalla will own approximately 18%. The remaining 7% will be retained by existing approved investors, including Manoj Badale, who will continue to play a key role, providing continuity and leveraging his extensive experience in cricket management.
The deal, announced after months of speculation over ownership changes, is subject to approvals from the Board of Control for Cricket in India and the Competition Commission of India.
Founded in 2008 as one of the original IPL franchises, Rajasthan Royals was initially acquired by Badale for $67 million and has since grown into a globally recognized cricket brand. The new investment underscores the rising valuation and international appeal of IPL teams.
The Mittal family already has a footprint in global sports, including investments in the NBA’s Boston Celtics and English football club Queens Park Rangers. Sources indicate that Aditya Mittal could emerge as a key figure representing the franchise going forward.
Expressing his enthusiasm, Lakshmi Mittal said he has a deep personal connection with both cricket and Rajasthan, adding that he looks forward to contributing to the team’s future success and engaging with its passionate fan base.
The transaction marks one of the largest deals in IPL history and is expected to further boost investor confidence in the league’s commercial potential.
