In a development that could reshape the ownership landscape of the Indian Premier League, the billionaire Mittal family, promoters of the steel behemoth ArcelorMittal, is reportedly exploring a full acquisition of the Rajasthan Royals (RR). According to reports on March 17, 2026, the family is evaluating a bid that aligns with the franchise’s current valuation of approximately $1.3 billion (₹10,900 crore).
The Mittal Group’s Sporting Ambitions
The potential move by Aditya Mittal, CEO of ArcelorMittal, signals a deeper push into the global “sports-as-an-asset” class.
- Global Portfolio: The family trusts recently partnered in a multi-billion dollar deal to purchase the Boston Celtics (NBA) in 2025.
- The “Home” Connection: Despite their global footprint, an IPL acquisition is seen as a strategic homecoming, allowing the group to tap into India’s most lucrative sporting property.
- Independent vs. Consortium: While other bidders are forming groups, the Mittals are reportedly considering whether to pursue the acquisition independently or alongside a technical partner.
A High-Stakes Bidding War
The March 16, 2026, deadline for binding bids has passed, and the competition for the inaugural IPL champions is “fierce,” with four primary groups in the final running:
| Bidder / Consortium | Key Personnel | Background |
| Mittal Family | Aditya Mittal | ArcelorMittal Steel / Boston Celtics owners. |
| Aditya Birla Group | Aryaman Birla | Partnered with David Blitzer (HBSE co-founder). |
| Somani-Walton Group | Kal Somani | Partnered with Rob Walton (Walmart) & Lalit Modi (Rumored). |
| Times Internet Group | Satyan Gajwani | Existing investors in London Spirit and MLC. |
Why the Royals are Up for Sale
The current majority owner, Manoj Badale (through Emerging Media Ventures), who holds a 65% stake, has been exploring a majority or 100% exit since December 2025.
- Unlocking Value: Following the recent valuation of Gujarat Titans at over $800 million, Badale is looking to “cash in” on the exponential rise in IPL media rights.
- Operational Reset: The franchise has undergone a massive structural shift ahead of the 2026 season, including the high-profile trade of Sanju Samson to CSK and the appointment of Kumar Sangakkara as head coach.
- Minority Exits: Institutional investor RedBird Capital Partners (15%) is also reportedly seeking an exit to reallocate capital toward its European football interests (AC Milan).
Valuation: The Billion-Dollar Benchmark
The sale process, managed by the Raine Group (famous for the Chelsea FC and Manchester United deals), has set a clear benchmark:
- The Floor: Initial non-binding bids started at $1.1 billion.
- The Projected Price: Final bids are expected to land between $1.3 billion and $1.5 billion.
- BCCI Cut: Under the franchise agreement, the BCCI will receive 5% of the total transaction value as a “transfer fee.”
What Happens Next?
With the final bids now under review by Raine Group and the RR board, an announcement of the winning bidder is expected by the end of March 2026—just as the new IPL season kicks off. If successful, the Mittal family would become the second major “Steel King” in the IPL, joining JSW’s Jindal family (Delhi Capitals).
