The Rajasthan Royals IPL franchise has changed hands in a transaction valued at $1.65 billion - roughly Rs 15,660 crore - marking one of the most significant ownership transfers in the history of Indian cricket's premier competition. The deal brings together steel magnate Lakshmi Mittal, whose family will hold approximately 75 percent of the franchise, and Adar Poonawalla of the Serum Institute of India, who acquires an 18 percent stake. Current principal owner Manoj Badale retains a reduced holding of around 7 percent alongside a small group of existing investors.

A Valuation That Reflects the IPL's Commercial Ascent

The arithmetic of this transaction tells a striking story about how dramatically the IPL's financial landscape has shifted. Badale originally acquired the Rajasthan Royals in 2008 for $67 million. The current deal values the franchise at $1.65 billion - a multiplication of roughly 24 times over less than two decades. That trajectory is not accidental. The IPL has grown into one of the most commercially dense sporting properties in the world, commanding broadcast rights deals worth billions and drawing global sponsorship at a scale that few domestic cricket competitions can rival.

The deal also encompasses two affiliated franchises: Paarl Royals, which competes in South Africa's SA20 competition, and Barbados Royals in the Caribbean Premier League. The three parties - the Mittal family, Poonawalla, and Badale - have formed a consortium that will hold ownership across all three entities. This multi-franchise model reflects a broader pattern in cricket's expanding global calendar, where rights-holders increasingly seek exposure across multiple international competitions rather than anchoring to a single property.

The Mittal Family's Expanding Portfolio in High-Value Assets

For the Mittals, this acquisition extends a pattern of high-profile investments in marquee properties. Lakshmi Mittal, the UK-based steel billionaire whose fortune was built through ArcelorMittal, purchased a 33 percent stake in London's Queens Park Rangers in 2007. His son Aditya, who serves as CEO of ArcelorMittal, made a $1 billion investment into the NBA's Boston Celtics in 2025. Aditya Mittal, 50, is widely expected to become the new public face of the Rajasthan Royals following completion of the deal.

Lakshmi Mittal's personal connection to the franchise carries weight beyond financial calculation. His family's roots are in Rajasthan, a fact he cited directly in a statement accompanying the announcement. "I love cricket and my family is from Rajasthan, so there is no IPL franchise that I would rather be part of than the Rajasthan Royals," he said. That combination of cultural affinity and commercial intent is a recurring feature of high-value acquisitions in Indian cricket, where identity and investment frequently intersect.

Poonawalla's Entry and the Deal's Uncertain Road to Completion

Adar Poonawalla's involvement adds a dimension of institutional credibility to the consortium. As chief executive of the Serum Institute of India - the world's largest vaccine manufacturer by volume - Poonawalla leads one of the most consequential pharmaceutical operations globally. His 18 percent stake, while smaller than the Mittals' controlling share, represents a meaningful financial commitment at current valuations and signals the continued appetite among India's industrial elite for ownership in high-visibility cultural properties.

The path to this deal was not straightforward. Earlier in 2025, reports pointed to a completed acquisition by a consortium led by Arizona-based technology entrepreneur Kal Somani. That transaction did not materialise. The current arrangement, announced on a Sunday, now awaits formal approval from two regulatory bodies: the Board of Control for Cricket in India, which governs IPL franchises, and the Competition Commission of India, which reviews transactions for potential market concentration concerns. Until both approvals are granted, the deal remains conditional.

Badale's Legacy and the Question of Continuity

Manoj Badale, who has been the franchise's guiding presence since its founding year, will remain involved in an advisory capacity. The official statement described his role as acting "as a bridge between the past and the present" - a formulation that acknowledges both the value of institutional memory and the reality that operational control is passing to new hands. Badale's own words framed the transition as a considered handover rather than an exit. "It has been the privilege of a lifetime to be involved with the Rajasthan Royals from inception," he said, expressing confidence in the incoming owners' long-term commitment to the franchise.

What the new ownership structure means in practice - for the franchise's management, its cricketing identity, and its commercial strategy - will become clearer once regulatory clearances are obtained. What is already clear is that a franchise acquired for $67 million in 2008 now sits at the centre of a $1.65 billion transaction, and that the individuals who have moved to own it represent some of the most consequential names in Indian and global business.