Lakshmi Mittal and Adar Poonawalla Clear CCI Hurdle for Rajasthan Royals Acquisition

The Competition Commission of India has cleared the proposed $1.65 billion acquisition of the Rajasthan Royals cricket franchise network by steel magnate Lakshmi Mittal and Serum Institute executive Adar Poonawalla. The antitrust regulator announced its decision on September 17, removing a primary regulatory hurdle for the multi-market transaction.

The deal encompasses a three-team portfolio spanning major franchise competitions in India, South Africa, and the Caribbean. Once completed, the transaction will give the new investor group control of the Indian Premier League franchise alongside the Paarl Royals and the Barbados Royals.

The transaction is being executed through specialized investment vehicles, with the Mittal family participating via UK-registered Westview Cricket Limited and Adar Poonawalla operating through Poonawalla Sports and Fitness Private Limited. Under the proposed ownership distribution, Westview Cricket is slated to acquire approximately 75 percent of the franchise group, securing a controlling interest for the Mittal family.

Poonawalla Sports is set to hold an 18 percent stake, while existing investors, including Manoj Badale, are expected to retain roughly 7 percent. Mauritius-based EM Sporting Holdings currently owns the operating entities for all three teams, meaning the transaction transfers the entire parent franchise network rather than the IPL team alone.

The proposed takeover marks a significant evolution for Rajasthan Royals, which was originally acquired for $67 million in 2008 by Manoj Badale-led Emerging Media when the Twenty20 league was founded. The franchise subsequently expanded its global footprint into South Africa's SA20 competition and the Caribbean Premier League.

Franchisees are restricted from executing a Change of Control without prior written consent from the BCCI. Meanwhile, Indian IPL franchise owners have acquired international teams to sign players to year-round contracts.

The current $1.65 billion valuation follows the collapse of an earlier proposed agreement involving a US-based consortium led by technology entrepreneur Kal Somani, which had valued the group at approximately $1.63 billion. The incoming investor group is expected to add prominent names including Lakshmi Mittal, Aditya Mittal, Vanisha Mittal-Bhatia, Adar Poonawalla, and Manoj Badale to the board.

Although Competition Commission clearance resolves the initial competition law review, the transaction remains subject to additional closing conditions and statutory clearances. The acquisition requires formal approval from the Board of Control for Cricket in India and the IPL Governing Council before ownership can formally transfer.

The parties had previously targeted completion during the third quarter of 2026. With the regulatory clearance now secured from the antitrust body, the remaining sport-specific governing approvals will dictate the timeline for the final ownership transition.