Liquidity Events
Lakshmi Mittal, Adar Poonawala acquire IPL cricket team Rajasthan Royals for $1.65 B: report
A consortium comprising Lakshmi Mittal, Aditya Mittal and Adar Poonawala has acquired the IPL franchise for Mumbai-headquartered cricket team Rajasthan Royals and its sister entities, Paarl Royals and Barbados Royals, for about USD 1.65 Billion.Rajasthan Royals is currently owned by Emerging Media Ventures, which holds a 65% stake. Minority investors include American investment management firm RedBird Capital Partners, with around a 15% stake and Lachlan Murdoch of Fox Corporation.Post closure of the deal in the third quarter of 2026, the Mittal family will own about 75% of the franchise. Adar Poonawala will own 18%, and existing investors, including Manoj Badale, will hold the remaining 7%. Lakshmi Mittal, Aditya Mittal, Vanisha Mittal-Bhatia, Adar Poonawalla, and Manoj Badale are expected to join the board of the Rajasthan Royals.
Between Dec-2006 and Aug-2025, Emerging Media had attracted over USD 100 M from PE-VC investors, including Blenheim Chalcot, Siguler Guff, Footpath Ventures, RedBird Capital Partners, and others.
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