"Day of Pride and Joy" – Lalit Modi reacts as Rajasthan Royals sold to Mittal family amid IPL 2026

A major development has emerged in the Indian Premier League ecosystem, with the Rajasthan Royals set for a change in ownership in a landmark deal valued at around ₹15,600 crore ($1.65 billion). The transaction is being seen as one of the most significant franchise deals in cricket history ahead of IPL 2026.

Industrialist Lakshmi N. Mittal and his son Aditya Mittal have reportedly acquired a majority stake in the franchise. The investor group also includes Adar Poonawalla, along with current lead owner Manoj Badale. The deal follows the withdrawal of a rival consortium led by Kal Somani, Rob Walton, and Sheila Ford Hamp from the bidding process.

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Addressing the development, former IPL chairman Lalit Modi called it a “day of pride and joy” as the Rajasthan Royals move into a new phase under the Mittal family’s ownership. The transition highlights a key moment in the league’s evolving business landscape and brings renewed focus to one of its founding teams.

Modi Hails New Ownership as Boost for IPL

Taking to X, Lalit Modi expressed his delight over the reported ownership change of the Rajasthan Royals, calling it “the best news one can think of” for the Indian Premier League. He praised incoming investors Lakshmi N. Mittal and Adar Poonawalla as among the most astute in global business, adding that the league “could not have better owners than this.” Modi also highlighted his personal connection to the moment, noting that it was deeply satisfying to see leading global figures invest in a tournament he helped build.

“It’s such a day of pride and joy for me personally to see that Lakshmi Mittal and Adar Poonawalla have embraced something I spent my life building. I am told that the dynamic Aditya Mittal will be leading the team on behalf of the Mittal family. Such great news. He has tremendous experience not only in business but also in involvement with major EPL and NBA franchises. This is invaluable to the IPL,” he wrote, expressing confidence that the league is now “in the safest of hands.”

The reaction comes amid reports that the Mittal family, in partnership with Poonawalla, is set to acquire Rajasthan Royals in a deal valued at around $1.65 billion, making it one of the largest transactions in cricket franchise history.

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The Rajasthan Royals Ownership Breakdown

Following completion of the deal, the Riyan Parag-led franchise will have a revised ownership structure. The Mittal family is set to hold approximately 75% of the franchise, while Adar Poonawalla is expected to acquire around 18%. The remaining 7% will continue to be held by existing approved investors, including current owner Manoj Badale.

As part of the new governance model, Lakshmi N. Mittal, Aditya Mittal, Vanisha Mittal-Bhatia, Adar Poonawalla, and Manoj Badale will serve on the franchise’s restructured board. Despite the ownership change, Badale is expected to remain involved in an advisory role, ensuring continuity and offering strategic guidance based on his long association with the team since its acquisition in 2008 for $67 million.

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The transaction is likely to be completed in the third quarter of 2026, subject to regulatory approvals from the Board of Control for Cricket in India, the IPL Governing Council, and the Competition Commission of India. Earlier, a rival consortium led by Kal Somani, Rob Walton, and Sheila Ford Hamp had submitted a competing bid of $1.63 billion, but it did not progress further due to reported due diligence concerns.

Fans React as Modi Hails RR New Ownership

Fans across social media have reacted strongly after Lalit Modi praised the new ownership of the Rajasthan Royals. Many supporters welcomed the entry of the Mittal family, expressing optimism about increased investment, improved management, and better on-field results. At the same time, some fans highlighted the franchise’s legacy, hoping the new leadership will preserve its identity while driving future success in the Indian Premier League. Here is how the fans reacted: