Lakshmi Mittal and his son Aditya agreed on 3 May to buy the Rajasthan Royals cricket franchise and its South African and Caribbean sister teams, in partnership with Adar Poonawalla, in a deal valuing the group at $1.65bn.
Why Mittal family (Westview Cricket) and Adar Poonawalla is buying Rajasthan Royals (Royals Sports Group)
Lakshmi Mittal said there was no IPL team he would rather be part of, and Aditya Mittal called the Royals one of the original and most iconic teams of the league. Poonawalla said he was delighted to partner with Aditya Mittal on the investment.
Deal terms and financing
The $1.65bn consideration is the enterprise value of Rajasthan Royals' men's franchise, Paarl Royals and Barbados Royals. The Mittals invest through Westview Cricket, a UK-registered vehicle, and Poonawalla through Poonawalla Sports and Fitness. The board will comprise Lakshmi, Aditya and Vanisha Mittal, Poonawalla and Badale.
Regulatory approvals and timing
Closing requires approvals from the Board of Control for Cricket in India, the Competition Commission of India and the IPL Governing Council and was targeted for the third quarter of 2026. The CCI approved the combination on 17 September after requesting more information in August; BCCI and IPL Governing Council clearance had not been confirmed publicly.
Market context
The franchises are owned by Mauritius-based EM Sporting Holdings. The agreement followed the collapse of an earlier bid led by Kal Somani, and it is one of the largest valuations placed on an IPL team.
