© indiatoday.inMittal family and Adar Poonawalla buy Rajasthan Royals in Rs 15,660 crore deal
The Jaipur franchise’s new enterprise value will be $1.65 billion. The Mittals will hold a 75% stake and Poonawalla 18%. The remaining 7% will be retained by existing shareholders, including founder Manoj Badale.
On March 24, it was reported that tech entrepreneur Kal Somani, one of RR’s minority stakeholders, had made the winning bid to acquire the franchise in a consortium that included Rob Walton, heir to the Walmart empire and owner of NFL’s Denver Broncos, as well as Sheila Ford Hamp, owner of NFL’s Detroit Lions and a prominent member of the Ford Motor Company family. The deal, however, did not go through.
In addition to the IPL team, RR also owns Paarl Royals in South Africa’s SA20 and Barbados Royals in the Caribbean Premier League. “Completion is subject to customary closing conditions, including approvals from the BCCI, the CCI, the IPL Governing Council and other applicable regulatory authorities, and is expected to occur in Q3 2026,” a statement said.
