Indian steel magnate Lakshmi N Mittal and family, alongside vaccine billionaire Adar Poonawalla, have struck a $1.65 billion deal for Indian Premier League franchise Rajasthan Royals, a joint statement said on Sunday.<\/p>\r\n\r\n
The IPL is the world's richest cricket tournament and mixes sport and show business in a glitzy format. It is broadcast around the world and features top international stars, with some teams fronted by Bollywood superstars.<\/p>\r\n\r\n
The Mittal family will own about 75 percent of the franchise following completion, with Poonawalla holding around 18 percent, the statement said.<\/p>\r\n\r\n
The remainder will stay with approved existing investors, including seller Manoj Badale.<\/p>\r\n\r\n
As well as the IPL team, Rajasthan Royals also owns Paarl Royals in South Africa and Barbados Royals in the Caribbean.<\/p>\r\n\r\n
"The transaction consideration is approximately $1.65 billion and represents the enterprise value of Rajasthan Royals' men's franchise, Paarl Royals and Barbados Royals," the statement said.<\/p>\r\n\r\n
Rajasthan have not won a trophy since 2008, when late Australian great Shane Warne led them to the inaugural title.<\/p>\r\n\r\n
"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 said in a statement.<\/p>\r\n\r\n
Poonawalla said he looked forward to supporting the franchise's long-term growth.<\/p>\r\n\r\n
"Rajasthan Royals is a premier IPL franchise with a strong legacy," he said.<\/p>\r\n\r\n
Badale, who has been involved with the Royals since their inception, will remain a shareholder and join the board alongside the new investors.<\/p>\r\n\r\n
"We are delighted to welcome the Mittal Family and Adar Poonawalla as the new owners of the Rajasthan Royals," he said.<\/p>\r\n\r\n
"Their passion for cricket, their connection to Rajasthan and India, and their long-term ambition for the franchise make them ideal custodians."<\/p>\r\n\r\n
The announcement comes after a group of investors, including US asset management giant Blackstone, bought reigning IPL champions Royal Challengers Bengaluru for $1.77 billion in March.<\/p>\r\n\r\n
The IPL is a top revenue earner for the Board of Control for Cricket in India and was estimated in 2020 to generate more than $11 billion a year for the Indian economy.<\/p>\r\n", "image": "https:\/\/img.cricketnmore.com\/uploads\/2026\/05\/Lakshmi-Mittal,-Adar-Poonawalla-Seal-1-65-Billion-Rajasthan-Royals-IPL-Deal.jpg", "alt_img": "Lakshmi Mittal, Adar Poonawalla Seal $1.65 Billion Rajasthan Royals IPL Deal", "alt_title": "Rajasthan Royals IPL Deal", "image1": null, "video": null, "seo_title": "Lakshmi Mittal, Adar Poonawalla Seal $1.65 Billion Rajasthan Royals IPL Deal On Cricketnmore", "seo_desc": "Lakshmi N Mittal and Adar Poonawalla lead a $1.65 billion deal for IPL franchise Rajasthan Royals, marking a major investment in cricket\u2019s richest global league.", "seo_keywords": "Lakshmi Mittal, Adar Poonawalla, Rajasthan Royals, IPL Deal, Indian Premier League, IPL Franchise Valuation", "tag": null, "tagging": "Lakshmi Mittal,Adar Poonawalla,Rajasthan Royals,IPL Deal,Indian Premier League,IPL Franchise Valuation,", "status": "1", "img_rpt": "0", "google": "1", "standout": "0", "edapps": "0", "pulse": "0", "no_index": "0", "feed": "0", "fixture": null, "slug": "lakshmi-mittal-adar-poonawalla-seal-165-billion-rajasthan-royals-ipl-deal", "user_id": "0", "read_count": "1", "ians_date": null, "ians_time": null, "server_time": null, "trash": "0", "view_count": "1305", "page_break": "0", "instant_articles": "1", "auto_link": "1", "created": "2026-05-04 16:03:55", "updated": "2026-05-04 16:03:55", "img_from": "Image Source: Google", "img_source": null, "schedule_publish": null, "news_keywords": "Lakshmi Mittal, Adar Poonawalla, Rajasthan Royals, IPL Deal, Indian Premier League, IPL Franchise Valuation", "livescore_text": null, "livescore_link": null, "btn_text": null, "resend_feed": "0", "google_feed": "0", "read_more": "1", "posted_by": "19", "jio_date": "2026-05-04 16:03:55", "scheduled": "0", "news_now": "1", "breaking_news": "1", "google_date": null, "featured": "0", "pred_match_id": "Select", "article_content_type": "Latest Cricket News", "england_cricket": "0", "link": "https:\/\/www.cricketnmore.com\/cricket-news\/lakshmi-mittal-adar-poonawalla-seal-165-billion-rajasthan-royals-ipl-deal-195021" }