New Delhi. A big stir has been seen in the corridors of IPL. Steel industry veteran Lakshmi Mittal has announced the acquisition of Rajasthan Royals franchise, which has created a buzz in both the cricket and business worlds. Lakshmi Mittal, an Indian-origin industrialist settled in Britain, said that the final agreement has been reached to buy this Jaipur-based team. This deal has been done for about 1.65 billion dollars i.e. about Rs 15660 crore. This consortium also includes Adar Poonawala and current owner Manoj Badale.
The announcement surprised everyone, as a group led by American businessman Kal Somani, which also included Rob Walton and members of the Ford family, was previously being considered as the new owners. Rajasthan Royals, who won the first IPL title in 2008, are currently in great form in IPL 2026 and are heading towards the playoffs, where young star Vaibhav Suryavanshi continues to shine.
According to the report, under this deal the Mittal family will retain control of the team and will hold about 75 percent stake. Adar Poonawala will hold 18 percent stake, while the remaining 7 percent will remain with existing investors. Manoj Badale, who was the principal owner till now, will remain associated with the team and will continue to guide the franchise with his experience.
This acquisition also includes South Africa’s Paarl Royals and Caribbean’s Barbados Royals. However, the deal will be completed only after the approval of BCCI, CCI and IPL Governing Council, which is expected in the third quarter of 2026. Lakshmi Mittal has a special connection with Rajasthan, as she was born in Sadulpur village of the state. This is why this deal also holds emotional significance for them.
Lakshmi Mittal said in the joint statement that her family is from Rajasthan, so there is no IPL team that she would like to be a part of more than Rajasthan Royals. He first played cricket during his school days and has been a big fan of the game ever since. Many great players have worn the Rajasthan Royals jersey, including icons of Indian sport who have inspired young talent. He is excited to be a part of this fantastic team and can’t wait to stand with the fans on the sidelines and support the team for future success. With this big investment, it is considered to be the beginning of a new era for Rajasthan Royals, where with the help of strong leadership and huge resources, the team can touch greater heights in the times to come.
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