Just as the mercurial IPL franchise Rajasthan Royals continues its roller-coaster ride in the 2026 season with breathtaking highs, disappointing lows and avoidable controversies, the ownership issue also is yo-yoing. Yesterday came the news that a set of US-based bidders collective have been ousted and a new majority owner in steel baron Lakshmi Mittal has walked in.

A PTI report from New Delhi yesterday stated that Mittal and his son Aditya Mittal, along with Adar Poonawalla (owner of Serum vaccine company), have acquired a majority stake in Rajasthan Royals (RR) with a bid of $1.65 billion (approximately Rs.15,600 crore) after the Kal Somani-Rob Walton-Sheila Ford Hamp consortium pulled out of the race having outbid others early in March with an approximately $1.63 billion offer.

The transaction consideration ($1.65 billion) represents the enterprise value of Rajasthan Royals’ men’s franchise, Paarl Royals and Barbados Royals. The deal is expected to close in the third quarter of 2026.

Earlier, the US-based consortium led by Somani had offered $1.63 billion but as per sources it didn’t pass due diligence due to multiple issues.

“Lakshmi N. Mittal and Aditya Mittal today announce that a definitive agreement has been reached to acquire the Rajasthan Royals, in partnership with Adar Poonawalla, from Manoj Badale and consortium,” a press release issued by Mittal family stated.

As per the release, quoted by PTI, the Mittal family will own approximately 75 percent of Rajasthan Royals, with Adar Poonawalla holding around 18 percent. The remaining approximately 7 percent will be held by approved existing investors, including Manoj Badale.

The restructured Rajasthan Royals board will comprise Lakshmi Mittal, Aditya Mittal, Vanisha Mittal-Bhatia, Adar Poonawalla and Manoj Badale.

“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,” the release stated.

In addition to the IPL team, Rajasthan Royals also owns Paarl Royals in South Africa and Barbados Royals in the Caribbean.

However, the Sunday development was described by ESPN as a “new twist’ in the RR tale. In a report headlined ‘New twist in Rajasthan Royals ownership as Indian businessman Lakshmi Mittal acquires franchise’, the ESPN report stated: This usurps the deal worth $1.635 billion (INR 15,290 crore approx.) made with a high-profile group of US-based sports investors to buy RR in March.” (https://www.espn.in/cricket/story/_/id/48663667/new-twist-rajasthan-royals-ownership-indian-businessman-laxmi-mittal-acquires-franchise)

Some reports have also alluded that there were differences in the valuation and future administration of the IPL franchise that’s presently doing well in the ongoing season, but has been stunning fans with some inexplicable defeats.

An NDTV report yesterday dwelt on these behind-the- scene factors. The news channel said it has learnt that the earlier proposed deal involving the Somani group ran into several hurdles. One of the main reasons negotiations broke down was a disagreement over the ownership structure, the channel said. (https://sports.ndtv.com/ipl-2026/rajasthan-royals-sale-why-kal-somani-pulled-out-of-rs-15-600-crore-deal-11442619)

Quoting unnamed sources NDTV pointed out that RR lead promoter Badale wanted to retain his existing 7 percent stake in the franchise after the sale. “The Kal Somani-led consortium was not in favour of that arrangement and preferred a majority takeover without Badale continuing as a shareholder. That difference in approach became a key sticking point,” NDTV added.

A PTI report, cited earlier, went on to add that Lakshmi N. Mittal, who was born in Sadulpur in North of Rajasthan, said: “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.”

Mittal’s son Aditya said: “The Royals is well known for developing new talent — that resonates deeply with me, and we are determined that legacy will continue, harnessing the best of talent in the world for future success.

“I want to thank everyone who has helped build the Rajasthan Royals into a global sporting institution — the players, coaches, leadership team, and above all the fans.”

Poonawalla, who had earlier bid for RCB, said: “I am delighted to partner with Aditya Mittal on this investment. Rajasthan Royals is a premier IPL franchise with a strong legacy, and I look forward to supporting its continued growth and long-term success.”

Former principal owner Badale, who will still be a part of the decision making board, according to the PTI report, said: “We are delighted to welcome the Mittal Family and Adar Poonawalla as the new owners of the Rajasthan Royals. Their passion for cricket, their connection to Rajasthan and India, and their long-term ambition for the franchise make them ideal custodians of the next chapter.”

Meanwhile, IPL founder and former commissioner Lalit Modi in an Instagram post hailed the new investors’ arrival at RR and in the IPL ecosystem.

“The best news’s one can think off for the @iplt20 – two of the most savvy investors – Ipl could not have a better owner than this. It’s such a day of pride and joy for me personally to see that Lakshmi Mittal and Adar Poonawalla have embraced something I spent my life building. Now I am sure the IPL will always be in safest of hands . I am told #adityamittal will be leading the team on behalf of the Mittal family,” he said in the Insta post yesterday.