Mittal, Poonawalla Buy Rajasthan Royals for $1.65 Billion as IPL Franchise Values Surge
Updated
Updated · CNBC · May 8
Mittal, Poonawalla Buy Rajasthan Royals for $1.65 Billion as IPL Franchise Values Surge
7 articles · Updated · CNBC · May 8
$1.65 billion valued Rajasthan Royals was acquired Sunday by Laxmi Mittal and Adar Poonawalla, beating a U.S.-led consortium backed by Walmart heir Rob Walton.
Two IPL teams have now changed hands at billion-dollar-plus prices in little over a month, after Blackstone and David Blitzer bought Royal Challengers Bengaluru for $1.8 billion in March.
Investors are chasing the league for recurring media-rights cash flows and outsized returns; Deloitte's James Walton said CVC made about 350% on Gujarat Titans, while RCB delivered roughly 37 times invested capital.
IPL's appeal rests on scale as much as scarcity: the 10-team league drew more than 1 billion viewers in 2025, taps an estimated 950 million cricket fans in India, and is already the world's No. 2 sports league by per-match value after the NFL.
With viewership declining and media rights plateauing, are billion-dollar IPL franchises an unsustainable bubble?
Can new owners build a digital-first future to justify the IPL's massive billion-dollar valuations?
Rajasthan Royals Acquired for $1.65 Billion: Mittal-Poonawalla Consortium Signals Institutional Shift in IPL Ownership
Overview
The Rajasthan Royals have entered a new era as the Mittal-Poonawalla consortium, backed by significant financial resources, acquired a majority stake in the franchise. This move follows a failed $1.63 billion bid by the Kal Somani-led group, which struggled with funding and regulatory challenges. The new ownership is expected to make the Royals one of the most financially powerful teams in global sports, leveraging their capital to boost the franchise’s value and competitiveness. This acquisition highlights the growing trend of institutional investment in the IPL, signaling a shift towards greater financial strength and strategic direction for Indian sports.