The Rajasthan Royals IPL franchise has been sold to a new ownership consortium in one of the biggest transactions in Indian cricket history. The Lakshmi N. Mittal family has entered into a definitive agreement to acquire the team in partnership with Adar Poonawalla, CEO of Serum Institute of India, in a deal valued at approximately $1.65 billion, equivalent to roughly Rs 15,660 crore. The acquisition was announced on May 3, 2026.

The transaction covers not only the Rajasthan Royals men's IPL franchise but also its two international sister teams, Paarl Royals in South Africa and Barbados Royals in the Caribbean. The deal was struck with the outgoing consortium led by Manoj Badale, who had owned the franchise since its early years. A rival bid from a US-based consortium led by investor Kal Somani, which had attracted global names including Walmart heir Rob Walton and Sheila Ford Hamp of the Detroit Lions, failed to close after the group could not secure binding financial commitments within the required exclusivity period.

Following the completion of the transaction, the Mittal family will hold approximately 75 percent of the franchise, while Poonawalla will own around 18 percent. The remaining 7 percent will be retained by approved existing investors, including Badale. The deal is expected to close in the third quarter of 2026, subject to regulatory clearances from the Board of Control for Cricket in India, the Competition Commission of India, and the IPL Governing Council.

Lakshmi N. Mittal, Aditya Mittal, Vanisha Mittal-Bhatia, Adar Poonawalla, and Manoj Badale will join the board of Rajasthan Royals upon completion. Lakshmi Mittal, who was born and raised in Sadulpur in northern Rajasthan, described the acquisition as carrying personal significance. Aditya Mittal, CEO of ArcelorMittal, called the Rajasthan Royals one of the IPL's most iconic teams and noted the franchise's reputation for developing new talent. Adar Poonawalla stated that the Rajasthan Royals has a strong legacy within the IPL and expressed his intent to support its continued growth and long-term success.