Lakshmi Mittal, Adar Poonawalla revealed as Rajasthan Royals' new owners; all you need to know about new RR deal

Rajasthan Royals had made headlines even before the 19th season of the Indian Premier League got underway, having become the first franchise in the world's richest T20 league to be sold for more than a billion dollars.

A consortium led by US-based businessman Kal Somani had won a bid to acquire the franchise for USD $1.63 billion (Rs 15,286 crore) on 24 March. It was a major leap for a franchise that had been sold for just Rs 67 crore, the lowest among the eight original franchises, in 2008.

The group was set to take full control of the franchise from the Royals Sports Group after the conclusion of the ongoing season. However, the deal led by the Somani-led group, which also comprised American business magnates Rob Walton and Sheila Ford Hamp, has since fallen through and the group has pulled out of the proposed takeover that was considered final in late March.

More from Firstcricket

That does not mean the 2008 IPL champions will be having the same ownership after the conclusion of the 2026 season. Here's everything you need to know about Rajasthan Royals' new ownership:

Who are Rajasthan Royals' new owners? 

The Royals have now been taken over by a consortium led by British-Indian steel magnate Lakshmi Mittal and his son Aditya following the exit of the Kal Somani-led consortium. The Mittals have a 75 per cent stake in the Royals while Adar Poonawalla, CEO of the Serum Institute of India and chairman of the Poonawalla Fincorp, has an 18 per cent stake. Poonawalla, interestingly, had also expressed interest in acquiring Royal Challengers Bengaluru, which had also been sold for over a billion dollars shortly after RR.

The remaining seven per cent take will continue to be held by existing owners, which includes Emerging Media's Manoj Badale – who had been the lead owner of the franchise until now.

"Mr Badale will continue to support Rajasthan Royals, acting as a bridge between the past and the present, and bringing his deep knowledge and experience of cricket to the franchise," read a joint-statement from the Mittal-led consortium.

Besides Rajasthan, the acquisition will also give the Mittal-led group ownership of the franchise's teams in the Caribbean Premier League (Barbados Royals) and SA20 (Paarl Royals).

How much is the new Rajasthan Royals takeover deal worth? 

According to Cricbuzz, the Mittal-led consortium's bid to acquire the Rajasthan Royals franchise is worth US$1.65 billion (Rs 15,660 crore) – which is marginally higher than the Somani-led consortium's winning bid in late March.

When will the new group assume charge of Rajasthan Royals? 

The take over is still pending approval from various authorities including and especially the Board of Control for Cricket in India and is expected to be finalised by Q3 2026.

"The completion is subject to customary closing conditions, including approvals from the BCCI, the CCI, the IPL Governing Council and other applicable regulatory authorities, and is expected to occur in Q3 2026," read the joint-statement.

So if things go as per plan, the new management will assume charge of the franchise for the first time in the 20th IPL season next year.