Mittal family-led consortium to acquire Rajasthan Royals in $1.65 billion deal

After a proposed $1.63 billion deal with a consortium led by Kal Somani, backed by Rob Walton and the Hamp family, failed to materialise amid funding and structuring challenges, the promoters of Rajasthan Royals have turned to the Mittal family for a stake sale.

Led by Lakshmi N. Mittal and Aditya Mittal, the family will acquire a 75% stake in the franchise in partnership with Adar Poonawalla, who will hold about 18%.

The transaction values Rajasthan Royals and its associated global teams, including Paarl Royals in South Africa and Barbados Royals in the Caribbean, at around $1.65 billion. The deal is expected to close in Q3 2026, subject to approvals from the Board of Control for Cricket in India, the Competition Commission of India and the IPL Governing Council.


Existing investor Manoj Badale will retain a minority stake and continue to support the franchise, providing continuity as the new ownership group takes charge.

As part of the transaction, investors including RedBird Capital Partners and Lachlan Murdoch will exit the franchise.

The failed Somani-led bid had emerged as a strong contender earlier in the sale process, but ran into hurdles around financing commitments and deal structure, ultimately paving the way for the Mittal family’s entry with a more definitive agreement.

The acquisition underscores continued global investor appetite for IPL franchises, as team valuations surge and the league cements its position among the world’s most valuable sporting properties.