The Rajasthan Royals owner question has a dramatic new answer. The Mittal family — led by steel billionaire Lakshmi Mittal, his son Aditya Mittal, and daughter Vanisha Mittal-Bhatia — has acquired the franchise in a deal valued at $1.65 billion (approximately ₹15,660 crore), with Adar Poonawalla of the Serum Institute of India joining as a significant co-owner. The deal was officially announced on May 3, 2026, after the earlier Kal Somani-led consortium unexpectedly pulled out of the race.
Under the new Rajasthan Royals ownership structure, the Mittal family will hold approximately 75% of the franchise, with Poonawalla owning roughly 18%. The remaining 7% stays with approved existing investors, including former lead owner Manoj Badale. The deal covers the entire Royals Sports Group portfolio — including the men’s IPL franchise, the Paarl Royals (SA20), and the Barbados Royals (CPL).
The sale is subject to regulatory approvals from the BCCI, the IPL Governing Council, the Competition Commission of India (CCI), and other applicable authorities. The deal is expected to close by Q3 2026.
(Updated: May 4, 2026)
New Rajasthan Royals Ownership Structure (2026)
| Stakeholder | Stake | Details |
|---|---|---|
| Lakshmi Mittal / Mittal family | ~75% | Executive chairman of ArcelorMittal. Born in Sadulpur, Rajasthan. Net worth ~$30 billion (Forbes 2026) |
| Adar Poonawalla | ~18% | CEO of Serum Institute of India, chairman of Poonawalla Fincorp. Net worth ~$16.3 billion |
| Manoj Badale & existing investors | ~7% | Former lead owner (65% stake holder from 2008–2026). Will continue in a transitional advisory role |
Lakshmi Mittal, Aditya Mittal, Vanisha Mittal-Bhatia, Adar Poonawalla, and Manoj Badale will all sit on the new Rajasthan Royals board once the deal is completed.
Who Is Lakshmi Mittal? The New Owner of Rajasthan Royals
Lakshmi Niwas Mittal is an Indian-origin billionaire and the executive chairman of ArcelorMittal, the world’s second-largest steelmaking company. He is the current owner of Rajasthan Royals through his family’s 75% majority stake.
Born on June 15, 1950, in Sadulpur, a town in northern Rajasthan, Lakshmi Mittal has deep personal roots in the state. He studied commerce at St. Xavier’s College, Kolkata, and began his career in his father’s steel business before striking out on his own at age 26, building a steel mill in Indonesia. Over the following decades, he transformed a series of struggling steel plants across the world into what became ArcelorMittal — created through a landmark $33 billion hostile takeover of European steel giant Arcelor in 2006.
According to Forbes’ 2026 billionaires list, Lakshmi Mittal’s net worth is estimated at nearly $30 billion, making him one of the richest industrialists in the world. He owns approximately 38% of ArcelorMittal and also holds a 3% stake in English football club Queens Park Rangers (QPR). He previously resided in London’s Kensington Palace Gardens — known as “Billionaire’s Row” — before relocating to Switzerland and the UAE in 2025.
His connection to Rajasthan was a key motivating factor behind the acquisition. In the official announcement, Lakshmi Mittal stated that he loves cricket and that his family being from Rajasthan made the Royals the only IPL team he would want to own.
Who Is Aditya Mittal? Lakshmi Mittal’s Son and RR Co-Owner
Aditya Mittal is the CEO of ArcelorMittal, having taken over the position from his father Lakshmi Mittal in 2021. Born in 1976, Aditya studied at the Wharton School of Business at the University of Pennsylvania and has been instrumental in driving ArcelorMittal’s strategy toward green steel, renewable energy, and low-carbon manufacturing.
Aditya Mittal is part of the new Rajasthan Royals ownership group alongside his father and sister Vanisha Mittal-Bhatia. He will sit on the RR board and has said he wants to carry forward the franchise’s legacy of developing new talent while harnessing the best talent in the world for future success.
The Mittal family’s acquisition of Rajasthan Royals marks their first entry into cricket franchise ownership, though they already hold a stake in QPR in English football.
Who Is Adar Poonawalla? RR’s New Co-Owner
Adar Poonawalla is the CEO of the Serum Institute of India — the world’s largest vaccine manufacturer by doses — and the chairman of Poonawalla Fincorp. He holds an 18% stake in the Rajasthan Royals under the new ownership structure.
Born on January 14, 1981, to billionaire Cyrus Poonawalla, Adar took over as CEO of the Serum Institute in 2011. He became a globally recognised figure during the COVID-19 pandemic when the Serum Institute manufactured Covishield, the Oxford-AstraZeneca vaccine used widely across India and the developing world. His estimated net worth is approximately $16.3 billion.
Poonawalla had earlier bid to acquire Royal Challengers Bengaluru when that franchise was put up for sale ahead of IPL 2026. After missing out on RCB, he partnered with the Mittal family for the Rajasthan Royals acquisition. Both the Mittal family and Poonawalla were among multiple bidders who competed for RCB before turning their attention to RR.
Is Shilpa Shetty the Owner of Rajasthan Royals?
No. Shilpa Shetty is not the owner of Rajasthan Royals and has had no ownership stake in the franchise since 2015.
Shilpa Shetty and her husband Raj Kundra acquired an 11.7% stake in the Rajasthan Royals in 2009 through Kunda Investments. The couple became prominent faces of the franchise, featuring in the team’s campaigns and the iconic “Halla Bol” anthem.
However, their involvement ended after the 2013 IPL spot-fixing scandal. Delhi Police questioned Raj Kundra in connection with the case, and in July 2015, a Supreme Court-appointed panel imposed a lifetime ban on Kundra from all cricket-related activities. The couple exited their ownership stake in the franchise the same year.
Despite their departure over a decade ago, “is Shilpa Shetty owner of Rajasthan Royals” remains one of the most frequently searched questions about the franchise. The current owner of Rajasthan Royals is the Mittal family (75%) along with Adar Poonawalla (18%), with Manoj Badale retaining a minority stake.
How the Rajasthan Royals Sale Happened: Kal Somani Deal to Mittal Takeover
The Rajasthan Royals sale has been one of the most dramatic franchise transactions in IPL history, featuring a collapsed deal, multiple billionaire bidders, and a last-minute twist.
The Kal Somani Deal (March 2026 — Collapsed)
The Raine Group — the same investment bank that handled the sales of Chelsea FC and Manchester United — managed the sale process starting in early 2026.
January 2026: Raine Group launched the process at a floor valuation of $1.1 billion. Four groups advanced — Somani’s consortium, the Aditya Birla Group, Times of India Group, and Capri Global.
January 28: Bloomberg reported Somani’s group submitted an initial offer of $1.3 billion.
February 2026: The Aditya Birla Group partnered with David Blitzer’s Bolt Ventures and emerged as the frontrunner. Sanjay Govil (owner of Washington Freedom in MLC) also entered the race. RR reportedly rejected a $1.7 billion bid from Columbia Pacific Capital Partners.
March 16: Binding bids deadline. Three bidders remained — Aditya Birla Group, Somani consortium, and a media group.
March 24–25: A deal was announced — the Kal Somani-led consortium, backed by Rob Walton (Walmart family) and Sheila Ford Hamp (Detroit Lions, Ford family), won the bid at $1.63 billion for 100% of the franchise.
The Collapse and Mittal Entry (April–May 2026)
However, the Somani deal never reached completion. The consortium pulled out before finalising the transaction, though the exact reasons have not been publicly disclosed.
May 3, 2026: The Mittal family and Adar Poonawalla officially announced a definitive agreement to acquire the Rajasthan Royals at a valuation of $1.65 billion — slightly higher than the collapsed Somani bid. The deal includes the full Royals Sports Group portfolio: the IPL men’s franchise, Paarl Royals, and Barbados Royals.
What Happened to the Other Bidders?
Aditya Birla Group + David Blitzer — The Indian conglomerate partnered with Blitzer’s Bolt Ventures and was widely considered the frontrunner through February. Aryaman Birla, son of Kumar Mangalam Birla, was directly involved in discussions. This would have been the Aditya Birla Group’s first sports franchise.
Times of India Group (Bennett Coleman & Co.) — One of India’s largest media conglomerates. Times Internet chairman Satyan Gajwani, who co-founded Major League Cricket, led the group’s interest.
Capri Global — The financial services firm, which already owns Sharjah Warriorz (ILT20) and UP Warriorz (WPL), was considered a dark horse.
Sanjay Govil (Washington Freedom, MLC) entered late. Avram Glazer’s Lancer Capital pulled out due to BCCI rules preventing single-entity ownership of multiple IPL franchises.
Rajasthan Royals Valuation: From $67 Million to $1.65 Billion
| Year | Valuation Benchmark |
|---|---|
| 2008 | $67 million (original purchase price) |
| 2021 | RedBird Capital acquired 15% stake (implied valuation ~$600M) |
| 2025 | Gujarat Titans sold for ~$833 million |
| 2026 | Mittal family acquires RR at $1.65 billion |
The $1.65 billion valuation represents approximately a 25x return on the original 2008 purchase price. For context, Royal Challengers Bengaluru was sold for approximately $1.78 billion ahead of IPL 2026, with the premium largely attributed to RCB’s association with Virat Kohli, its larger urban fanbase, and the inclusion of a Women’s Premier League team.
The Lalit Modi Question
Throughout the earlier sale process, reports surfaced linking Lalit Modi — the founder and former commissioner of the IPL who was banned by the BCCI — to the Kal Somani consortium. KhelNow reported that Modi had been advising Somani’s group, though Modi publicly denied any involvement via social media.
With the Somani deal now collapsed and the Mittal family taking over, this question is largely resolved. There is no reported connection between the Mittal-Poonawalla consortium and Lalit Modi. The BCCI will still scrutinise the new ownership structure before granting approval at its AGM.
Previous Rajasthan Royals Ownership Structure (2008–2026)
For the record, the ownership structure that existed from 2021 until the Mittal acquisition:
| Stakeholder | Stake | Details |
|---|---|---|
| Manoj Badale / Emerging Media IPL Ltd | 65% | Lead owner since 2008. British-Indian entrepreneur, co-founder of Blenheim Chalcot |
| RedBird Capital Partners | 15% | New York-based investment firm. Acquired stake in 2021 |
| Lachlan Murdoch | 13% | CEO of Fox Corporation, part of the Murdoch media family |
| Individual investors | 7% | Included Kal Somani, Ian McKinnon, Simer Mayo, and Mihir Patel |
The franchise operated under Royals Sports Group (formerly Emerging Media Sporting Holdings), which also owns the Paarl Royals (SA20) and Barbados Royals (CPL). The late Shane Warne, who captained RR to the inaugural IPL title in 2008, held a 3% stake earned through his playing contracts. His family is believed to still hold that stake — and reports suggest Shane Warne’s family could earn approximately ₹450 crore from the sale.
What Happens Next?
The sale is agreed in principle but not yet completed. Key steps remaining:
- BCCI ratification — The board will need to approve the ownership transfer. The BCCI will receive 5% of the transaction value as per the IPL franchise agreement.
- CCI and regulatory approvals — The Competition Commission of India and other regulatory bodies must also clear the deal. Completion is expected in Q3 2026.
- New board formation — Lakshmi Mittal, Aditya Mittal, Vanisha Mittal-Bhatia, Adar Poonawalla, and Manoj Badale will form the new RR board.
- Impact on the squad — How the ownership transition affects the coaching setup under Kumar Sangakkara and the playing squad. Riyan Parag was named as the new RR captain for IPL 2026. Sanju Samson was traded to Chennai Super Kings, while Sam Curran was traded in but ruled out with injury.
ALSO READ: Rajasthan Royals IPL 2026 squad analysis
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