Mittal Family, Poonawalla To Buy IPL Franchise For ₹15,638.7 Crore
3 May 2026 5:23 PM IST3 May 2026 5:23 PM IST
The transaction consideration (USD 1.65 billion) represents the enterprise value of Rajasthan Royals' men's franchise, Paarl Royals and Barbados Royals
Rajasthan Royals' players.
Mumbai: A consortium led by steel billionaire Lakshmi Mittal and Adar Poonawalla will acquire Indian franchise cricket team Rajasthan Royals in a deal valued at ₹15,638.7 crore.
Mittal, who is the largest shareholder of ArcelorMittal SA, will own about 75% equity in the Indian Premier League outfit along with his family, according to a statement by the consortium Sunday. Indian billionaire Adar Poonawalla is set to own around 18% in the cricket team, while existing investors including Manoj Badale will retain near 7% stake.
The IPL is the world’s most profitable and widely followed cricket competition, blending an intensive version of the sport with Bollywood glamour and US-style marketing to capitalise on Indians’ passion for the game. Ten teams compete over eight weeks every spring, with billions of dollars riding on the outcome. The league has grown into a global entertainment powerhouse, rivaling the commercial scale of competitions such as the National Football League and the English Premier League.The transaction also includes Rajasthan Royals’ units Paarl Royals in South Africa’s SA20 competition and Barbados Royals in the Caribbean Premier League, according to the statement.
The deal is expected to be completed in the third quarter of 2026, subject to approvals from regulators, the consortium said.
The Rajasthan Royals, which represents Mittal’s home state in India, have built a reputation for identifying and developing young talent — a strategy the new owners said they intend to continue and expand. It was also the inaugural champion of the franchise cricket tournament.
( Source : Bloomberg )
Next Story