Rajasthan Royals, one of the Indian Premier League's founding franchises, has a new ownership structure. Indian businessman Laxmi Mittal has acquired a stake in the franchise as part of a consortium that includes existing principal owner Manoj Badale and fellow businessman Aadar Poonawala.

Who Is Coming In

Laxmi Mittal, the steel magnate known for building ArcelorMittal into one of the world's largest steel companies, is joining through a family-level investment. The Mittal family's entry alongside Poonawala — known for his ties to the Serum Institute of India — signals a consolidation of high-profile Indian business families around the franchise.

Manoj Badale remains the principal owner, meaning day-to-day control and strategic direction of the franchise is not changing hands. The new arrangement adds capital and prominent names to the ownership group without displacing existing leadership.

Why This Matters for IPL Franchises

IPL franchise valuations have surged dramatically over the past few years, making stakes attractive investment assets. Rajasthan Royals, despite its relatively smaller home market compared to Mumbai or Delhi franchises, has built a credible brand, particularly around player development. High-profile consortium structures have become more common across IPL teams as valuations rise and single-family ownership becomes harder to justify at current price levels.

The entry of business heavyweights like the Mittal family also brings reputational weight that can help franchises in commercial negotiations — sponsorships, media partnerships, and potential overseas expansion of the IPL brand all benefit from institutional credibility.

Details on the size of the Mittal family's stake, the transaction value, or any change in governance structure have not been disclosed. What to watch: whether this signals a broader restructuring of the Royals' ownership or a one-time capital infusion, and whether other IPL franchises follow with similar consortium arrangements as the league's valuation cycle matures.