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The Rajasthan Royals, currently excelling in IPL 2026, have been sold for the second time in just over a month. Renowned businessman Lakshmi N. Mittal and his son Aditya Mittal have acquired the franchise in partnership with Adar Poonawalla. The deal, valued at $1.65 billion, marks a significant investment in the team. Meanwhile, a consortium led by American businessman Kal Somani has withdrawn from the bidding process, paving the way for this acquisition by Poonawalla and Mittal.

This acquisition also connects the Rajasthan Royals franchise with other leagues, including the Paarl Royals and Barbados Royals. The deal will be finalized pending approval from the CCI and the IPL governing council. It is anticipated that the agreement will be completed in the third quarter of 2026.

Previously, Somani's consortium had offered $1.63 billion for the Rajasthan Royals, but reports suggest that it did not pass the necessary scrutiny due to various issues. The Mittal family has announced that Lakshmi N. Mittal and Aditya Mittal have reached an agreement to acquire the Rajasthan Royals from Manoj Badale and his group.

According to the statement from the Mittal family, they will hold approximately 75% of the Rajasthan Royals, while Adar Poonawalla will own 18%. The remaining 7% will be retained by existing investors, including Manoj Badale. The new board of Rajasthan Royals will include Lakshmi N. Mittal, Aditya Mittal, Vanisha Mittal Bhatia, Adar Poonawalla, and Badale.

In addition to the IPL team, the Mittal family also owns the Paarl Royals in the South African T20 league and the Barbados Royals in the West Indies. Lakshmi N. Mittal, who hails from Sadulpur in northern Rajasthan, expressed his love for cricket, stating that since his family is from Rajasthan, he prefers to be part of the Rajasthan Royals rather than any other team in the IPL.