Lakshmi Mittal and Aditya Mittal, along with Adar Poonawalla, have successfully acquired the IPL franchise Rajasthan Royals (RR) for $1.65 billion. The Mittal family will control approximately 75% ownership, while Poonawalla will hold 18%, and existing investors, including Manoj Badale, will retain the remaining 7%.
In a combined statement, the group mentioned that they had presented a fully funded bid and were ready to finalize the transaction, countering claims described as “stories… planted in the press” suggesting otherwise. They stated that all necessary documentation was completed and they were under the impression that approval would be granted during a franchise board meeting, which ultimately did not occur.
The investors expressed that they found it “challenging to reconcile” the strength of their bid with the final result, emphasizing that they did not feel the process represented a level playing field. While they respect competitive outcomes, the group asserted that transactions of such magnitude should be handled with “transparency, consistency, integrity.”
They noted that they had gathered investors with experience in major global leagues such as the NFL, MLB, EPL, and La Liga, along with notable figures from the professional sports arena. The bid was motivated by a broader goal to enhance the international profile of the Indian Premier League.
Despite this setback, the group affirmed their intention to continue seeking opportunities in global sports and allocate capital elsewhere.
This development arises amidst increasing investor interest in IPL franchises, driven by soaring valuations from media rights growth, expanding global audiences, and heightened institutional participation. Rajasthan Royals, one of the original IPL teams, has historically attracted strategic investments and is frequently seen as a crucial asset in the league’s evolving ownership landscape.
First Published: May 5, 2026 12:48 PM IST
