The Competition Commission of India has approved the acquisition of three Royals cricket franchises, Rajasthan Royals in India, Paarl Royals in South Africa and Barbados Royals in the Caribbean, by Westview Cricket Ltd and Poonawalla Sports and Fitness Pvt Ltd. The deal, valued at about $1.65 billion (around ₹15,660 crore), will transfer control from Manoj Badale led Emerging Media to the Mittal family and Serum Institute chief Adar Cyrus Poonawalla. The clearance, announced on 17 September 2026, removes a key regulatory hurdle for one of the largest ownership changes in franchise cricket.
Who Owns Rajasthan Royals Now?
The Rajasthan Royals will now be owned by the Mittal family and Adar Cyrus Poonawalla after the Competition Commission of India approval. The Mittal family, through UK registered Westview Cricket Ltd, will hold about 75 percent, while Poonawalla Sports and Fitness Pvt Ltd will hold about 18 percent, with existing investors retaining about 7 percent.
This answers the most searched questions around the deal, whether Rajasthan Royals is sold and to whom it is sold. Yes, the franchise is sold, subject to final closing formalities. The buyer is not a single person but a consortium led by steel industrialist Lakshmi N. Mittal and his son Aditya Mittal, in partnership with Adar Poonawalla, the chief executive of the Serum Institute of India.
The sellers are Manoj Badale and his fellow investors under EM Sporting Holdings Ltd, the Mauritius incorporated holding company of the Royals group. Badale, who built the franchise from its start in 2008 through his vehicle Emerging Media Ventures, will stay on the board and retain a part of the remaining 7 percent stake along with other approved existing investors.
What Did the CCI Approve?
The Competition Commission of India (CCI) approved the acquisition of the entire Royals franchise network, not only the Indian Premier League (IPL) team. The approval covers three professional cricket franchises, Rajasthan Royals in India, Paarl Royals in South Africa which plays in the SA20 league, and Barbados Royals in Barbados which plays in the Caribbean Premier League (CPL).
The target of the deal is EM Sporting Holdings Ltd and its subsidiaries, including Royal Multisport Pvt Ltd in India, Paarl Royals Ltd in South Africa and Barbados Royals Ltd in Barbados. The acquirers are Westview Cricket Ltd, a company registered in the United Kingdom, and Poonawalla Sports and Fitness Pvt Ltd, a company incorporated in India and wholly owned by Adar Cyrus Poonawalla. The CCI notice confirms that Westview Cricket is the investment vehicle of the Lakshmi Mittal family.
The transaction remains subject to other customary closing conditions, including approvals from the Board of Control for Cricket in India (BCCI) and the IPL Governing Council. The parties had signed the definitive agreement in early May 2026 and expect closure in the third quarter of 2026.
What Is the CCI and Why Was Its Approval Needed?
The CCI is India’s national competition regulator. It is a statutory body under the Ministry of Corporate Affairs and enforces the Competition Act, 2002. The CCI was established with effect from 14 October 2003 and became fully functional in May 2009. It is headquartered in New Delhi.
The Competition Act stops business deals, called combinations, which cause or are likely to cause an appreciable adverse effect on competition in India. A combination includes acquisition of shares, control, mergers and amalgamations. Deals that cross prescribed asset and turnover thresholds must be reported to the CCI, and the parties cannot complete the deal without its clearance. The $1.65 billion Royals acquisition crossed those thresholds, so CCI review was mandatory even though two of the three teams are based outside India, because the deal affects the market and business operations in India through the IPL team.
Deal Value and New Ownership Structure
The enterprise value of the transaction is about $1.65 billion. At current exchange rates, this equals about ₹15,660 crore to ₹15,838 crore, depending on the date of conversion. The value covers the men’s IPL franchise plus the Paarl and Barbados arms, making it one of the biggest franchise cricket deals after the reported $1.78 billion sale of Royal Challengers Bengaluru to an Aditya Birla led group in March 2026.
The earlier front runner for the Royals was a United States based consortium led by entrepreneur Kal Somani, with a bid of about $1.63 billion. That proposal did not close because of gaps in funding commitments and structuring issues, after which the Mittal and Poonawalla group emerged as the preferred buyer.
| Owner Group | Vehicle | Share After Completion |
|---|---|---|
| Mittal family led by Lakshmi N. Mittal and Aditya Mittal | Westview Cricket Ltd | About 75 percent |
| Adar Cyrus Poonawalla | Poonawalla Sports and Fitness Pvt Ltd | About 18 percent |
| Manoj Badale and other approved existing investors | EM Sporting Holdings Ltd holdings | About 7 percent |
The new board of the Royals group is expected to include Lakshmi N. Mittal, Aditya Mittal, Vanisha Mittal Bhatia, Adar Poonawalla and Manoj Badale. This structure keeps continuity, as Badale moves from principal owner to minority holder and board member in an advisory role.
Who Are the New Owners?
Westview Cricket Ltd and the Mittal Family
Westview Cricket Ltd is the United Kingdom registered investment vehicle of the family of Lakshmi N. Mittal, the chairperson of ArcelorMittal, the world’s leading steel and mining company. Lakshmi Mittal and his son Aditya Mittal, chief executive of ArcelorMittal, lead the acquisition. The family has long links with Rajasthan and Indian sport, and Vanisha Mittal Bhatia, a non independent director on the ArcelorMittal board, will also join the Royals board.
Poonawalla Sports and Adar Cyrus Poonawalla
Poonawalla Sports and Fitness Pvt Ltd is an Indian company wholly owned by Adar Cyrus Poonawalla. Poonawalla, born on 14 January 1981, is the chief executive officer of the Serum Institute of India (SII) since 2011. SII was founded in 1966 by his father Cyrus Poonawalla in Pune and is the world’s largest vaccine maker by number of doses produced each year, supplying over 170 countries.
Poonawalla joined SII in 2001 after studying business management at the University of Westminster in London and expanded its global reach through World Health Organization pre qualification and supply to United Nations agencies. He is also the chairman of Poonawalla Fincorp, a non banking financial company based in Pune, and was earlier in 2026 linked to a bid for another IPL franchise before partnering with the Mittals for the Royals deal.
The Three Franchises in the Deal
The CCI approval treats the three teams as a single global portfolio under the Royals brand. The table below gives a quick profile of each team.
| Franchise | League and Country | Home Ground | Joined Royals Group | Key Record |
|---|---|---|---|---|
| Rajasthan Royals | Indian Premier League, India | Sawai Mansingh Stadium, Jaipur (second home in Guwahati) | Founded in 2008 as one of eight original IPL teams | IPL champions in 2008, runners up in 2022 |
| Paarl Royals | SA20, South Africa | Boland Park, Paarl in Western Cape | Launched in 2022 for SA20 starting January 2023 | Built around David Miller, Jos Buttler and Lungi Ngidi in first season |
| Barbados Royals | Caribbean Premier League, Barbados | Kensington Oval, Bridgetown | Majority stake bought in July 2021 (then Barbados Tridents) | Men’s CPL titles in 2014 and 2019, women’s WCPL titles in 2023, 2024 and 2025 |
Rajasthan Royals Profile
The Rajasthan Royals, often shortened to RR, are based in Jaipur, Rajasthan. The team won the first IPL season in 2008 under captain Shane Warne, despite starting as underdogs. The team is known for spotting young talent such as Sanju Samson, Yashasvi Jaiswal and Riyan Parag, and for using data and innovation in selection. The Royals were suspended for the 2016 and 2017 seasons by a Supreme Court appointed panel after the 2013 betting matter, along with Chennai Super Kings, and returned in 2018. Before the sale, the team was held 65 percent by Badale’s Emerging Media Ventures, about 15 percent by RedBird Capital Partners and the rest by investors including Lachlan Murdoch.
Paarl Royals Profile
The Paarl Royals are the Royals group’s South African arm in SA20, Cricket South Africa’s flagship Twenty20 league which began in January 2023. The team is based in the city of Paarl and plays at Boland Park. David Miller has captained the side since its start, with early signings including Jos Buttler, Obed McCoy and Corbin Bosch who had all played for Rajasthan Royals. The team extends the Royals scouting model to South African conditions and shares players and coaching ideas across the group.
Barbados Royals Profile
The Barbados Royals represent Barbados in the Caribbean Premier League, which started in 2013. The team began as the Barbados Tridents and won the CPL in 2014 under Kieron Pollard and in 2019 under Jason Holder. Royals Sports Group bought a majority stake on 30 July 2021 and rebranded the team as Barbados Royals. The group also fields the Barbados Royals women’s team in the Women’s CPL, which won three straight titles in 2023, 2024 and 2025 under captain Hayley Matthews. The men’s home is Kensington Oval in Bridgetown, one of world cricket’s most famous grounds.
Background: From Emerging Media to a $1.65 Billion Sale
Manoj Badale, a British Indian entrepreneur and co founder of Blenheim Chalcot, led the consortium that bought the Jaipur franchise for about $67 million in January 2008. The bid was placed through Emerging Media (IPL) Ltd and the Indian company Jaipur IPL Cricket Pvt Ltd signed the franchise agreement with the Board of Control for Cricket in India (BCCI) on 14 April 2008. The BCCI, founded in 1928 and headquartered in Mumbai, owns and governs the IPL, which also began in 2008.
Over 18 years the Royals grew from a low cost, talent first team into a global multi league brand with teams on three continents. In June 2021 RedBird Capital Partners, a United States sports investor with stakes in AC Milan and Alpine Racing, bought about 15 percent and supported expansion to Barbados. By late 2025 Badale had appointed The Raine Group to explore a majority sale after the Gujarat Titans deal set a new valuation benchmark for IPL teams. The definitive agreement with the Mittal Poonawalla group was signed in early May 2026.
Why the Deal Matters for Indian Cricket Business
The CCI clearance shows how cricket ownership in India is now treated like any other large business combination. Even a sports deal needs competition review when its size crosses legal limits, because media rights, sponsorships, ticketing and player markets all affect competition in India.
For the IPL, the deal confirms the sharp rise in franchise values. A team bought for $67 million in 2008 is now valued at $1.65 billion, a rise of more than twenty times. It also signals a shift from first generation owners and private equity funds to large Indian industrial houses as long term custodians. With the same owners now controlling teams in the IPL, SA20 and CPL, player development, coaching methods and commercial deals can move across countries, which strengthens India’s influence in global Twenty20 leagues.
Key Takeaways
- The Competition Commission of India approved the acquisition of Rajasthan Royals, Paarl Royals and Barbados Royals on 17 September 2026.
- The acquirers are Westview Cricket Ltd of the Mittal family and Poonawalla Sports and Fitness Pvt Ltd of Adar Cyrus Poonawalla.
- The deal value is about $1.65 billion (around ₹15,660 crore) for the full three team portfolio.
- After completion, the Mittal family will hold about 75 percent and Poonawalla about 18 percent, with existing investors keeping about 7 percent.
- The CCI, established on 14 October 2003 under the Competition Act, 2002, clears combinations that cross asset and turnover thresholds.
- Rajasthan Royals won the first IPL in 2008 and play at the Sawai Mansingh Stadium in Jaipur.
