Billionaire Duo Scores with $1.65 Billion Rajasthan Royals Acquisition

Steel magnate Lakshmi Mittal and vaccine baron Adar Poonawalla, leading a consortium, have agreed to buy the IPL team Rajasthan Royals for $1.65 billion. Mittal's family will control 75% and Poonawalla 18%. The deal awaits regulatory approvals and completion is expected in Q3 2026.

Steel billionaire Lakshmi Mittal and vaccine tycoon Adar Poonawalla are set to acquire the Indian Premier League's Rajasthan Royals in a groundbreaking deal valued at $1.65 billion.

The consortium's statement indicates Mittal will hold roughly 75% of the franchise, while Poonawalla is slated to own about 18%. Existing investors, including UK-based Manoj Badale, will maintain a 7% stake.

This acquisition extends to the team's sister franchises, Paarl Royals and Barbados Royals. Completion of the sale is contingent on regulatory clearances and is anticipated by the third quarter of 2026.