Mittal & Poonawala take over Royals after $1.635 billion US bid falls through

Renowned steel magnate Lakshmi Mittal and billionaire businessman Adar Poonawala have acquired Rajasthan Royals (RR) for US 1.65 billion (INR 15,660 approx.) after a previous deal of US 1.635 billion (INR 15,290 approx.) with a group of US-based sports investors fell through.

Poonawala and the Mittal family are a part of the new consortium, including Manoj Badale, the existing principal owner of the franchise. The deal also gives them the ownership of Paarl Royals and Barbados Royals: the two franchises under the umbrella of the Royals group in South Africa's SA20 and the Caribbean Premier League (CPL), respectively.

However, the completion of the ownership is subject to "approvals from the BCCI, the CCI, the IPL Governing Council and other applicable regulatory authorities."

"Following completion, the Mittal Family will own approximately 75% of Rajasthan Royals, with Adar Poonawalla holding approximately 18%. The remaining approximately 7% will be held by approved existing investors, including Manoj Badale. Mr Badale will continue to support Rajasthan Royals, acting as a bridge between the past and the present, and bringing his deep knowledge and experience of cricket to the franchise. In addition to the IPL team, Rajasthan Royals also owns Paarl Royals in South Africa and Barbados Royals in the Caribbean," a statement issued on the latest development read.

"The transaction consideration is approximately US$1.65 billion and represents the enterprise value of Rajasthan Royals' men's franchise, Paarl Royals and Barbados Royals. Completion is subject to customary closing conditions, including approvals from the BCCI, the CCI, the IPL Governing Council and other applicable regulatory authorities, and is expected to occur in Q3 2026," the statement further read.

This takeover materialised only after the collapse of a high‑profile bid worth US $1.635 billion (INR 15,290 crore approx.) made in March by a consortium of US‑based sports investors. That group was led by Arizona‑based tech entrepreneur Kal Somani and included Rob Walton, owner of the Denver Broncos (American football team), and Michael Hamp, son of Sheila Ford Hamp, who owns the Detroit Lions (American football team).

The Somani‑led consortium had outbid several heavyweight challengers, including the Aditya Birla Group and the Times of India Group, across multiple rounds of bidding. Yet, despite its promise, the deal never materialised. The reasons remain unclear, but the void opened the door for Mittal and Poonawala to step in and seal the takeover.

Rajasthan Royals were one of the eight founding franchises of the IPL in 2008. Back then, the team was procured for USD 67 million by UK‑based Emerging Media, owned by Badale. Fast forward to 2026, and the franchise has now been sold for nearly 2,362% of its original value, which is a staggering appreciation that underscores both the IPL’s meteoric rise and the Royals’ enduring brand power.