Lakshmi Mittal, the UK-based Indian steel magnate, has acquired Rajasthan Royals along with Adar Poonawalla of Serum Institute of India for US $1.65 billion (₹15,660 crore approx.).

The duo are part of a consortium, which also includes Manoj Badale, the existing principal owner of the Royals. The deal also includes ownership of Paarl Royals and Barbados Royals, the two franchises under their brand in SA20 and the Caribbean Premier League.

The announcement came as a surprise after the US-based Kal Somani-led consortium, which includes Rob Walton (Walmart) and the Hamp (Ford) families as partners, were announced as owners about a month ago.

Sources told The Telegraph that the earlier deal fell through for various reasons, including alleged failure to make the payment during the one-month period and certain issues relating to Badale’s inclusion in the new set-up.

However, there is talk that the Somani-led consortium could initiate legal proceedings against the new deal.

“Following completion, the Mittal family will own approximately 75% of Rajasthan Royals, with Adar Poonawalla holding approximately 18%,” a joint statement issued by the Mittal-led consortium said. “The remaining approximately 7% will be held by approved existing investors, including Manoj Badale.

“Mr Badale will continue to support Rajasthan Royals, acting as a bridge between the past and the present, and bringing his deep knowledge and experience of cricket to the franchise,” the statement added.

Royals was bought by UK-based Emerging Media, which is owned by Badale, for $67 million in 2008 when the IPL was floated.

The statement said Lakshmi Mittal, his son Aditya Mittal, daughter Vanisha Mittal-Bhatia, Poonawalla and Badale will be part of the Royals Board once the sale is completed during the third quarter of 2026 and also includes approval from BCCI as well as the Competition Commission of India.

“I love cricket and my family is from Rajasthan, so there is no IPL team that I would rather be part of than the Rajasthan Royals,” the senior Mittal was quoted as saying.

Poonawalla, on the other hand, said: “I am delighted to partner with Aditya Mittal on this investment.”