Steel magnate Lakshmi N Mittal and his family, alongside vaccine billionaire Adar Poonawalla, have agreed a deal worth approximately 1.65 billion dollars to acquire IPL franchise Rajasthan Royals, the parties confirmed in a joint statement on 3 May.
The acquisition is one of the largest in cricket history and underlines the extraordinary commercial power of the Indian Premier League, the world’s richest cricket tournament, which combines sport and entertainment on a global stage and attracts some of the biggest names in the game.
Under the terms of the deal, the Mittal family will hold approximately 75 per cent of the franchise upon completion, with Poonawalla taking around 18 per cent. The remaining stake will stay with approved existing investors, including the outgoing majority owner Manoj Badale, who will remain a shareholder and join the board alongside the new investors.
The transaction covers not only the IPL franchise but also Rajasthan Royals’ two sister teams: Paarl Royals in South Africa and Barbados Royals in the Caribbean. The 1.65 billion dollar figure represents the combined enterprise value of all three franchises.
For Mittal, whose family originates from Rajasthan, the purchase carries a personal dimension that goes beyond pure investment.
“I love cricket and my family is from Rajasthan, so there is no IPL team that I would rather be part of than the Rajasthan Royals,” he said.
Poonawalla struck a similarly optimistic tone, saying he looked forward to supporting the franchise’s long-term growth. “Rajasthan Royals is a premier IPL franchise with a strong legacy,” he said.
Badale, who has been involved with the Royals since their founding, welcomed the new owners warmly. “Their passion for cricket, their connection to Rajasthan and India, and their long-term ambition for the franchise make them ideal custodians,” he said.
Rajasthan Royals have not won the IPL title since 2008, when the late Australian great Shane Warne led them to victory in the inaugural edition of the tournament. The new ownership group will be hoping to end that wait and restore the franchise to the summit of Indian cricket’s most glamorous competition.
The deal arrives just weeks after a group of investors led by US asset management giant Blackstone purchased reigning IPL champions Royal Challengers Bengaluru for 1.77 billion dollars in March, further evidence of the soaring valuations now attached to IPL franchises.
The IPL is one of the Board of Control for Cricket in India’s most significant revenue streams and was estimated as far back as 2020 to contribute more than 11 billion dollars annually to the Indian economy. With deals of this magnitude now becoming routine, that figure is likely to have grown considerably since.
