Acquired by a consortium of Lakshmi N Mittal, Aditya Mittal and Adar Poonawalla. IPL Franchise Rajasthan Royals And its sister entities (Paarl Royals and Barbados Royals) around $1.65 billion, TOI found. A press release in this regard is expected to be issued soon.After regulatory checks, including approvals from the BCCI, Competition Commission of India (CCI), IPL Governing Council, the Mittal family will own around 75 percent of the franchise, Poonawalla 18 percent and the remaining around 7 percent with existing investors, including current owner Manoj Badle. The deal is expected to close in the third quarter of 2026.
ArcelorMittal Chairman Lakshmi N Mittal, CEO Aditya Mittal, Non-Independent Director Vinisha Mittalbhatia, Serum Institute of India CEO Aadhar Poonawalla and Manoj Badle will join the board of Rajasthan Royals. On March 21, a Yesterday, a Somani-led consortium was the frontrunner to own the franchise for $1.63 billion. (£1.2 billion) but the effort hit a snag after failing to put together the required funds, regulatory uncertainty and the consortium’s buyer structure for the IPL franchise.The Somani-backed consortium includes American businessman Rob Walton of the Walmart family and the Hemp family, which also owns a majority stake in the NFL’s Detroit Lions. Sheila Ford Hemp is also part of the Ford family, which holds a significant stake in the Ford Motor Company.Rajasthan Royals is currently owned by Manoj Badle’s Emerging Media Ventures, which holds a 65 percent stake in the franchise, with minority investors including American investment management firm RedBird Capital Partners (around 15 percent stake) and Fox Corporation’s Lachlan Murdoch, among others.
