Rajasthan Royals new owner Lakshmi Mittal: In a stunning development mid-way through the Indian Premier League 2026 season, the Rajasthan Royals franchise has witnessed a seismic shift in its ownership structure. Indian-origin business tycoon Lakshmi Mittal has officially announced the acquisition of a commanding stake in the team, marking a significant homecoming for the steel baron whose roots trace back to Rajasthan.
The blockbuster deal, pegged at a staggering Rs 15,660 crore, is not limited to the flagship IPL team alone. It encompasses the complete ownership package of the Royals’ sister franchises, the Paarl Royals and the Barbados Royals, making it one of the most expansive acquisitions in franchise cricket history. The development was first detailed in a report by Cricbuzz.
As per the definitive agreement, thRajasthan Royals, IPL 2026, Lakshmi Mittal, IPL Ownership, Cricket News, Adar Poonawallae Mittal family will assume the role of the primary owner, securing a dominant 75 percent controlling stake in the franchise group. Joining this consortium is Adar Poonawalla of the Serum Institute of India, who has acquired an 18 percent shareholding. The remaining 7 percent equity will stay vested with existing investors, including Manoj Badale, who continues his long-standing association with the team.
The announcement’s timing is particularly intriguing, as it overrides earlier advanced negotiations involving a different consortium. Prior to the Mittal deal, discussions were understood to be underway with US-based investors Cal Somani, Rob Walton, and the Hamp family for a potential partnership. However, the Mittal family’s entry dramatically altered the transaction landscape.
A joint statement released by the parties clarified the structural transition. “Mr. Badale will continue to support the Rajasthan Royals. He will act as a bridge between the previous and current ownership groups,” the statement elucidated.
The definitive agreement, however, is not yet sealed. It remains subject to the mandatory approvals from the Board of Control for Cricket in India (BCCI), the Competition Commission of India (CCI), and the IPL Governing Council. The Mittal family’s next generation, Aditya and Vanisha Mittal, are also set to be integral parts of this new venture.
For Lakshmi Mittal, the acquisition is deeply personal. Born in a village in Rajasthan’s Sadulpur, the industrialist expressed a profound connection to the state. In a statement, he remarked that his family hails from Rajasthan and, therefore, they could not envision being a part of any other team.
