In a landmark development during the Indian Premier League (IPL) 2026, steel tycoon Lakshmi N. Mittal and his son Aditya Mittal officially announced the acquisition of the Rajasthan Royals (RR) franchise in partnership with Adar Poonawalla, replacing Kal Somani consortium who bought the franchise for 15,286 Crore. They have reached a definitive agreement to acquire a majority stake in the team for approximately $1.65 billion (₹15,660 crore), highlighting the rapidly growing commercial appeal of the tournament.
The Jaipur-based franchise is one of the original eight IPL teams and has been acquired by the consortium in a structure where the Mittal family will hold a 75% stake, with Poonawalla taking 18%, while lead existing owner Manoj Badale and other investors retain the remaining 7% and remain on the board to ensure continuity.
This acquisition also includes the franchise’s global portfolio, including the Paarl Royals in South Africa’s SA20 and the Barbados Royals in the Caribbean Premier League, signaling a broader strategic investment in international cricket. This record-breaking transaction is expected to conclude in the third quarter of 2026 following regulatory approvals from the BCCI and CCI.
Who is RR’s new co-owner, Lakshmi Mittal
With the entry of Lakshmi Mittal, one of the world’s most prominent industrialists, the franchise is expected to undergo a transformation in terms of its financial backing, global reach, and long-term strategic vision. Since their historic title win in the inaugural 2008 season, the Royals have built a reputation for identifying emerging talent and maximizing value within a structured setup.
Aditya Mittal has explicitly stated that the team will continue to harness the best talent in the world, ensuring the franchise remains a pipeline for the next generation of cricketing stars. Furthermore, the inclusion of Adar Poonawalla strengthens the ownership group, combining financial strength with global business expertise.
This could allow the RR to not only compete more aggressively in player auctions but also expand their brand footprint across international leagues and commercial markets. This strategic entry into India’s rapidly growing sports and media ecosystem is designed to strengthen the franchise’s commercial value and digital fan engagement on a worldwide scale.
The deal arrived during a period of high performance for the team; in IPL 2026, the Royals have been a dominant force, with their teenage sensation Vaibhav Sooryavanshi leading the charts and Ravi Bishnoi topping the wicket-taking list. From a broader perspective, the deal underlines the growing valuation and global appeal of the IPL. For RR, this transition could mark the beginning of a new era – one that blends their traditional emphasis on smart cricketing decisions with enhanced financial muscle and global ambition, cementing its status as a multi-billion dollar global asset.
As the tournament continues to grow in scale, valuation, and global influence, the entry of high-profile industrialists underscores the IPL’s evolution into one of the most commercially powerful sporting leagues in the world. Currently maintaining a strong position in the IPL 2026 points table – sitting in the top four with 12 points – the Royals are well-placed to honor their new ownership with a championship run. Team RR is no longer just a cricket team; it is a premier global sporting institution ready to dominate the next decade of the sport, ushering in a new era that could shape both the franchise’s future and the competitive landscape of the IPL as a whole.