Summary of this article
Mittal family acquires 75% stake in Rajasthan Royals for USD 1.65 billion
Somani-led deal collapses, clearing path for Mittal-Poonawalla takeover
Manoj Badale to stay involved, ensuring continuity in franchise leadership
The Rajasthan Royals are set for a major ownership shift after the Mittal family agreed to acquire a 75% stake in the Indian Premier League (IPL) franchise for USD 1.65 billion (INR 15,660 crore), marking one of the biggest deals in league history.
The proposed Somani deal, which had earlier been in discussion, has now fallen through, clearing the path for Lakshmi N. Mittal and his son Aditya Mittal to step in as majority stakeholders alongside Serum Institute CEO Adar Poonawalla.
In an official statement, the Mittal family confirmed the agreement: “Lakshmi N. Mittal and Aditya Mittal today announce that a definitive agreement has been reached to acquire the Rajasthan Royals, in partnership with Adar Poonawalla, from Manoj Badale and consortium.” Despite the ownership change, current principal owner Manoj Badale will remain involved in a transitional role, ensuring continuity in the franchise’s operations and long-term strategy.
Mittal Family Steps In With Strong Rajasthan Connect
Lakshmi N. Mittal emphasized his personal connection to the franchise, stating, “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.” His son, Aditya Mittal, echoed the sentiment while highlighting the franchise’s core philosophy: “The Royals is well known for developing new talent, that resonates deeply with me, and we are determined that legacy will continue, harnessing the best of talent in the world for future success.”
Adar Poonawalla, who had previously shown interest in IPL ownership through a bid for Royal Challengers Bengaluru, expressed enthusiasm about the partnership: “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.”
Badale’s Continued Role and Future Vision
While stepping back from majority ownership, Manoj Badale will continue to play a key role in the franchise’s future. The official release stated, “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.”
Welcoming the new stakeholders, Badale added, “We are delighted to welcome the Mittal Family and Adar Poonawalla as the new owners of the Rajasthan Royals. Their passion for cricket, their connection to Rajasthan and India, and their long-term ambition for the franchise make them ideal custodians of the next chapter.”
With fresh investment, strong leadership backing, and continuity in management, Rajasthan Royals appear set to enter a new era, one that blends legacy with ambition in the ever-evolving IPL landscape.
