A consortium led by the Mittal family, including Adar Poonawalla, has signed a definitive agreement to acquire the IPL team Rajasthan Royals for USD 1.65 billion from a seller consortium led by Manoj Badale.
Trilegal acted for the Mittal family on this acquisition, while Cyril Amarchand Mangaldas advised Adar Poonawalla. Latham & Watkins served as the international legal counsel for the buyer consortium. AZB & Partners acted for the Manoj Badale-led seller consortium, and Macfarlanes LLP served as the international legal counsel for the sellers on this transaction.
Post-completion, the Mittal family is set to become the majority owner of Rajasthan Royals with a 75 percent stake, while Adar Poonawalla will secure an 18 percent share. Existing investors, including Manoj Badale, will retain the remaining 7 percent of the franchise.
The acquisition remains subject to closing conditions, including clearance from the BCCI, the CCI, and the IPL Governing Council, with finalization anticipated in Q3 2026. Upon closure, the board of Rajasthan Royals will be reconstituted to include Lakshmi Mittal, Aditya Mittal, Vanisha Mittal-Bhatia, Adar Poonawalla, and Manoj Badale.
Trilegal’s deal team was led by partners Nishant Parikh, Arnav Dayal and Mitali Halbe; and comprised counsels Niharika Choudhary and Archit Gupta alongwith senior associates Averal Sibal and Soham Munshi and associates Akshaya Kapoor, Akshat Kabra and Aryan Grover
The Direct Tax team advising on the matter was led by partner Komal Dani and supported by senior associate: Ketki Redkar and associate Shyam Mangukiya. The Indirect Tax team advising on the matter was led by partner Himanshu Sinha and comprised counsel Samyak Jain and senior associate Ishabh Verma.
The Intellectual Property team advising on the matter was led by partner Kirti Balasubramanian and supported by associate Rhythm Vijayvargiya. The Disputes team was led by partner Mohit Rohatgi and comprised senior associates Samriddhi Shukla and Anuj Aggarwal.
The White-Collar Crime team advising on the matter was led by partner Kunal Gupta and supported by counsel Shrishma Dandekar, senior manager Juhi Bahl, senior consultant Chandan Dhand and senior associate Gauri Shukla. The Competition team advising on the matter was led by partner Aparna Mehra and comprised counsel Krithika Ramesh, senior associates Ishaan Chakrabarti and Sarthak Mishra.
The Technology, Media, and Telecommunications team advising on the matter was led by partner Jishnu Sanyal and supported by senior associate Janak Pradhan and associate Bevan Avil Pinto. The Labour and Employment team was led by partner Parvathy Tharamel and supported by associates Koshy Mathen and Shreya Sharma.
CAM’s transaction team comprised of lead partner Iqbal Khan, partner Ashid Basheer, principal associate Subbalaxmi S, senior associate Shefali Murthy, and associates Gunjan Singh, Raviraj Zinzuvadia, Mallika Bhaskar, and Khushi Jaffar.
Partner (head – intellectual property) Swati Sharma, with support from senior associate Andri Shukla, advised on intellectual property aspects of the transaction. Partner (co-head – white collar & investigation) Ankoosh K Mehta advised on disputes aspects of the transaction.
