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Mittals and Poonawalla acquire Rajasthan Royals for $1.65bn
The Rajasthan Royals are set to be acquired for an enterprise value of $1.65 billion, with the Mittal family holding 75% and Adar Poonawalla’s group 18%, and 7% retained by existing investors, including Manoj Badale. Completion depends on regulatory approvals and is expected in Q3 2026. A prior March 24 report noted Kal Somani's bid to buy RR in a Walton Hamp consortium that ultimately did not proceed.
Why It Matters
This marks a major ownership change in a high-profile IPL franchise and signals increased investment activity in cricket, with regulatory approvals and cross-border interests shaping the deal.
Timeline
4 Events
May 3, 2026: Mittals and Poonawalla to acquire Rajasthan Royals for $1.65B
May 3, 2026
The Jaipur franchise’s new enterprise value is $1.65 billion. The Mittals will hold 75% and Poonawalla 18%, with the remaining 7% retained by existing shareholders, including founder Manoj Badale. Completion is expected in Q3 2026 subject to approvals from the BCCI, CCI, IPL Governing Council and other regulatory authorities. RR also owns Paarl Royals and Barbados Royals. Lakshmi Mittal and Adar Poonawalla provided comments about the acquisition.
March 24, 2026: Kal Somani consortium bid to buy RR reported but deal did not proceed
March 24, 2026
On March 24, 2026, reports described tech entrepreneur Kal Somani as the winning bidder to acquire the Rajasthan Royals in a consortium that included Rob Walton and Sheila Ford Hamp; the deal, however, did not go through.
2025: Torrent Pharma buys GT majority stake; Ahmedabad valued around $800M
2025
The article states that last year Torrent Pharma acquired majority stakes in Gujarat Titans from CVC, with the Ahmedabad franchise valued in the range of $800 million.
2021 expansion valued GT and LSG at $1.6B
2021
The article notes that the collective value of Gujarat Titans and Lucknow Super Giants from the last IPL team expansion in 2021 was $1.6 billion.