Laxmi Mittal takes control of Rajasthan Royals in major IPL franchise shift

Indian billionaire Laxmi Mittal gains majority ownership of Rajasthan Royals after a surprise franchise takeover.

Ownership deal finalized A joint announcement from stakeholders confirmed that the Mittal family has formally secured a binding agreement to purchase the complete Rajasthan Royals franchise package from the outgoing owner Badale and his investment group. Upon completion of the transaction, the Mittal family will hold a commanding 75% stake in the franchise, while entrepreneur Aadar Poonawalla will retain around 18% of the shares. The remaining roughly 7% will stay with approved current investors, including Manoj Badale, who previously led the ownership group. ## Somani group’s bid overturned The $1.635 billion takeover attempt led by US-based sports investors led by Kal Somani was derailed despite winning multiple rounds of competitive bidding, including a final set of binding offers on March 20. That consortium, which included NFL owners Rob Walton of the Denver Broncos and Michael Hamp, son of Detroit Lions chair Sheila Ford Hamp, had outmaneuvered other prominent bidders such as Avram Glazer of the Glazer family, Manchester United co-owner and Lancer Capital head, along with rivals from Capri Group, Aditya Birla Group, and the Times of India Group. The exact reasons behind the consortium’s inability to close the purchase remain unconfirmed, though Somani himself had been an existing investor in Rajasthan Royals since joining in 2021. ## Franchise history and valuation shift Rajasthan Royals, one of the original IPL teams, was originally acquired by Emerging Media—controlled by Badale—for $67 million in 2008, when the exchange rate stood at approximately one US dollar to INR 40. Today, with the currency valued at INR 94.85 per dollar, the franchise’s market value has risen dramatically, reflecting its growing commercial appeal and brand strength within Indian cricket.