In the latest development, steel magnate Lakshmi Mittal has officially announced the acquisition of the Rajasthan Royals. The Jaipur-based franchise, one of the original teams in the Indian Premier League (IPL), has been bought for a massive USD 1.65 billion (approximately INR 15,660 crore), making it one of the most high-profile deals in IPL history.
The announcement comes as a major surprise, especially since a US-based consortium led by Kal Somani—with backing from Rob Walton and the Ford family—was recently believed to have secured ownership. The sudden shift highlights the intense competition and high stakes involved in owning a franchise in the world’s richest cricket league.
Consortium structure and ownership details
Under the new arrangement, the Mittal family will hold a dominant 75 percent stake in the franchise, positioning them as the principal decision-makers. Adar Poonawalla, representing the Serum Institute of India, will own 18 percent, while the remaining 7 percent stake will stay with existing investors, including former lead owner Manoj Badale.
Interestingly, Badale, who played a crucial role in shaping the franchise over the years, will continue to be associated with the team, albeit with a reduced stake. This continuity could help ensure stability during the transition phase.
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Strong Rajasthan roots add emotional value for Lakshmi Mittal
The acquisition carries a personal touch for Mittal, whose roots trace back to Sadulpur in northern Rajasthan. Having grown up in the region, the deal is seen not just as a business move but also as a homecoming of sorts. His deep connection with the state is expected to further strengthen the franchise’s identity and fan engagement in the region.
The high-value transaction involved several leading global advisory firms. The buyer consortium was guided by legal experts from Latham & Watkins LLP, Cyril Amarchand Mangaldas, and Trilegal, while Goldman Sachs handled financial advisory and Price Waterhouse & Co LLP oversaw tax structuring.
On the seller’s side, Raine Group managed the sale process and served as commercial adviser, with Deloitte as financial adviser and EY as tax consultant. Legal support was provided by Macfarlanes LLP and AZB Partners. The scale and complexity of the deal underline the growing financial sophistication surrounding IPL franchises.
In the ongoing season, RR are making headlines with impressive performances. Teen sensation Vaibhav Suryavanshi has emerged as a breakout star, playing a key role in the Royals’ strong push towards the playoffs.
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