One of the largest franchise sales in the history of IPL is already experiencing turbulence. Only hours after Lakshmi N. Mittal, his son Aditya Mittal, and Adar Poonawala announced their purchase of Rajasthan Royals at USD 1.65 billion (approximately INR 15,600 crore), a competing bidding team threatened to sue.
The deal, which also includes sister franchises Paarl Royals and Barbados Royals, is yet to receive regulatory clearances and may now be subjected to courtroom scrutiny before it formally closes.
The Mittal family will own approximately 75 percent of the franchise. Adar Poonawalla, who had previously bid for Royal Challengers Bengaluru, takes an 18 percent stake. Former principal owner Manoj Badale retains around 7 percent alongside other existing investors and will continue on the board.
The transaction requires approval from the BCCI, the Competition Commission of India, and the IPL Governing Council, with closure expected in the third quarter of 2026.
Rival Consortium Cries Foul, Prepares Legal Challenge
The US-based bunch headed by Kal Somani, who was once the frontrunner for the Royals, is not leaving quietly. A source near the consortium told Cricbuzz that a legal letter was dispatched on the same day the Mittal-Poonawala deal was announced, with another communication heading to the BCCI.
The group, backed by major billionaire families such as the Waltons and the Hamps, claims that its funding was fully secured. They allege the franchise of intentionally dragging their feet in documentation and then seeking side deals. On our part, we had been prepared to close 10 days ago; there was a deliberate delay, and then side dealings, a source said.
The consortium had also raised due diligence questions, whether BCCI dues were cleared, the status of ongoing legal cases, and whether Badale would continue to have influence in the new structure. The question of whether they make the dispute entirely public is still debated, but litigation seems to be becoming more and more definite.
BCCI Steps In With Stern Warning to IPL Clubs
Apart from this, the BCCI has issued notices to all IPL franchises over breaches of conduct, with Rajasthan Royals at the centre of two high-profile incidents this season. Team manager Ravinder Singh Bhinder was fined ₹1 lakh for using a mobile phone near the dugout. Captain Riyan Parag was fined 25 percent of his match fee and a demerit point after being caught vaping in the dressing room.
BCCI secretary Devajit Saikia responded with a stern public statement, which threatened to impose more severe penalties in case of repeat offences. The message was simple: the board will not tolerate individual conduct to tarnish the image of the league.
New Owners Walk Into a Complicated Situation
For the Mittals and Poonawala, the thrill of launching one of the most recognisable brands in cricket is immediately dampened by the realities of the world. A legal challenge by a well-financed competitor, pending multi-regulator approvals, and an active disciplinary file with the BCCI all come to rest on the desk before the ink is dry.
Lakshmi N. Mittal, whose family originated in Rajasthan, has talked about his emotional attachment to the franchise. Aditya Mittal cited the tradition of the Royals to support young talent as a motivating factor behind the acquisition. Those aspirations are now pegged on a clean regulatory route and a legal tussle that may drag on throughout the year.
The speed with which the BCCI and the courts can resolve the challenge of the Somani consortium will determine whether this deal will stand its ground or become the most disputed ownership transfer in the history of the IPL.
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