Rajasthan Royals sold for $1.65 billion to Mittal family, Adar Poonawalla after Kal Somani's deal collapse

IPL franchise Rajasthan Royals have been acquired by a consortium for $1.65 billion. In the new deal, the UK-based Mittal family has acquired 75% stakes in the franchise, whereas Adar Poonawalla, the CEO of Serum Institute, will own 18%.

RR's current lead owner, Manoj Badale, will lead a group of investors that will hold 7% stakes in the franchise. The deal includes RR's sister franchises - Barbados Royals in the CPL and the WCPL and Paarl Royals in the SA20 - as well.

This deal is expected to be finalised by the third quarter of 2026.

Rajasthan Royals sold to new owners for the second time this year

After the new deal is ratified by the BCCI and the Competition Commission of India, steel magnate Lakshmi Niwas Mittal, Aditya Mittal, Vanisha Mittal-Bhatia, and Ponawalla will join the board of Rajasthan Royals.

On the new acquisition, the consortium put out a joint statement regarding the new ownership dynamics. "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," they said.

Break:

Rajasthan Royals has been acquired by a consortium of Mittal Family (UK), Adar Poonawala (Serum Institute) & Manoj Badale-led existing investors.

The transaction is pegged at US$1.65b.

The earlier deal involving Kal Somani, Walton & Hamp Families had not worked out.

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— KSR (@KShriniwasRao) May 3, 2026

Earlier this year, RR had been sold to a consortium led by American entrepreneur Kal Somani for a sum of $1.63 billion. That consortium had contained Rob Walton of the Walmart family and the Hamp Family, which owns the Detroit Lions team in the NFL.

Also Read: Jitesh Sharma clarifies ‘unprofessional’ remark on Vaibhav Sooryavanshi

The Somani-led original deal is reported to have collapsed due to insufficeint funding. According to sources, the consortium failed to meet both deadlines where they were supposed to show the available funds.

Mittals and Poonawalla had expressed interest in the first round too

According to reports, the Mittal family and Adar Poonawalla had expressed interest in buying Rajasthan Royals during the first rounds of the sale process as well.

Earlier, Poonawalla had expressed interest in acquiring Royal Challengers Bangalore as well, but eventually lost out to a consortium led by the Aditya Birla group.

"There is no IPL team I would rather be part of than Rajasthna Royals" - Lakshmi Mittal

In an official statement, Lakshmi Niwas Mittal spoke about his love for cricket and shed light on his Rajasthani origins.

"I love cricket and my family is from Rajasthan, so there is no IPL team I would rather be part of than the Rajasthan Royals. I first played cricket as a schoolboy, and since then I have been an avid fan of the sport. Many great players have worn the Rajasthan Royals shirts, including Indian icons of the sport who have been an inspiration for the younger talent. I look forward to being part of this great team, and cannot wait to join all the fans pitch-side to cheer on our future success," he said.

Poonawalla too, put out an official statement: "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 too, put his piece forward. "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. I very much look forward to working alongside them, and to supporting our extraordinary team and its loyal fans as the Royals continue to grow."

RR on field in IPL 2026

Currently, the 2008 IPL champions are placed fourth on the points table with 6 wins in 10 matches.

After starting the season strongly with four wins in a row, RR have lost four of their last six matches but remain primed to make the playoffs.

They will take on Gujarat Titans at the Sawai Man Singh Stadium in Jaipur on May 9 in their next match.