Rajasthan Royals Acquired by Mittal Family for ₹15,600 Crore After Somani Deal Collapses

The Kal Somani-led consortium, which had earlier emerged as the successful bidder for Rajasthan Royals, failed to complete the acquisition due to funding constraints, causing the deal to collapse. Following this, industrialist Lakshmi N. Mittal, along with his son Aditya Mittal and businessman Adar Poonawalla, stepped in to secure a majority stake in the franchise.

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Somani Consortium Deal Collapses Over Funding Issues

The Mittal family and Poonawalla acquired Rajasthan Royals with a bid of USD 1.65 billion (approximately ₹15,600 crore). This valuation reflects the enterprise value of not just the IPL team but also its associated franchises—Paarl Royals in South Africa and Barbados Royals in the Caribbean. Their entry came after the Somani-Rob Walton-Sheila Ford Hamp consortium withdrew from the race after failing due diligence requirements.

Under the new ownership structure, the Mittal family will hold around 75% stake in Rajasthan Royals, while Adar Poonawalla will own approximately 18%. The remaining 7% will stay with existing approved investors, including Manoj Badale. The restructured board will include Lakshmi Mittal, Aditya Mittal, Vanisha Mittal-Bhatia, Adar Poonawalla, and Badale, who will continue contributing his experience and knowledge of the franchise.

The deal remains subject to regulatory approvals from bodies such as the BCCI, CCI, and the IPL Governing Council, with completion expected by the third quarter of 2026. Expressing his enthusiasm, Lakshmi Mittal highlighted his personal connection to Rajasthan and passion for cricket, while Aditya Mittal emphasized continuing the franchise’s legacy of nurturing talent. Adar Poonawalla also stated his commitment to supporting the team’s long-term growth and success.

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