In a groundbreaking move, a consortium led by the prominent names of Lakshmi Mittal, Aditya Mittal, and Adar Poonawala has successfully acquired the Indian Premier League (IPL) franchise Rajasthan Royals and its sister entities for a staggering sum of approximately $1.65 billion. This major development is set to shake up the landscape of cricket team ownership in the IPL. The Mittal family, known for their global steel empire, will secure a majority stake in this significant deal. The acquisition is scheduled to be finalized in the third quarter of 2026, marking a new chapter for Rajasthan Royals under their new ownership. Notably, this acquisition comes after a previous unsuccessful bid led by a consortium spearheaded by Kal Somani, which encountered challenges related to funding and regulatory issues. With the Mittal family and Adar Poonawala at the helm, Rajasthan Royals fans and cricket enthusiasts alike eagerly anticipate the future direction and strategic decisions that will shape the franchise's journey in the IPL.
In a groundbreaking move, a consortium led by the prominent names of Lakshmi Mittal, Aditya Mittal, and Adar Poonawala has successfully acquired the Indian Premier League (IPL) franchise Rajasthan Royals and its sister entities for a staggering sum of approximately $1.65 billion. This major development is set to shake up the landscape of cricket team ownership in the IPL. The Mittal family, known for their global steel empire, will secure a majority stake in this significant deal. The acquisition is scheduled to be finalized in the third quarter of 2026, marking a new chapter for Rajasthan Royals under their new ownership. Notably, this acquisition comes after a previous unsuccessful bid led by a consortium spearheaded by Kal Somani, which encountered challenges related to funding and regulatory issues. With the Mittal family and Adar Poonawala at the helm, Rajasthan Royals fans and cricket enthusiasts alike eagerly anticipate the future direction and strategic decisions that will shape the franchise's journey in the IPL.