Indian steel tycoon Lakshmi Narayan Mittal and his son Aditya Mittal have reached a definitive agreement to acquire Indian Premier League franchise Rajasthan Royals in partnership with Serum Institute chief Adar Poonawalla, in a deal valued at approximately US$1.65 billion.
The transaction covers not only the IPL team but also its associated franchises — Paarl Royals in South Africa’s SA20 and Barbados Royals in the Caribbean Premier League. Under the agreement, the Mittal family will hold around 75 per cent of the franchise group, with Poonawalla taking about 18 per cent. The remaining 7 per cent stake stays with existing investors, including current lead owner Manoj Badale, who is expected to continue in an advisory role.
The acquisition follows the collapse of an earlier bid by a separate consortium and ranks among the largest investments in IPL history. It is not yet complete, remaining subject to regulatory clearance from the Board of Control for Cricket in India, the Competition Commission of India and the IPL Governing Council. The deal is expected to be finalised in the third quarter of 2026.
For Sri Lankan cricket, the change of control reaches a franchise where opener Pathum Nissanka has been a regular starter this season — most recently smashing 52 off 26 deliveries against Rajasthan in Jaipur in a high-scoring chase. The Mittal–Poonawalla group brings two of India’s wealthiest industrial families into IPL ownership: ArcelorMittal is the world’s second-largest steelmaker, while the Serum Institute manufactured the bulk of the Covid-19 vaccines distributed across South Asia, Sri Lanka included.
Source: Newswire.
