Steel Giant Mittal Group Submits Binding Bid for Rajasthan Royals; Valuation Eyes $1.3 Billion
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- March 19, 2026
- Business, Business Trends, Companies & Industry, Technology
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JAIPUR/LONDON — The Indian Premier League (IPL) landscape is bracing for a tectonic shift in ownership as the Mittal Group, led by billionaire Lakshmi Mittal and his son Aditya Mittal, has officially entered the race to acquire a controlling stake in the Rajasthan Royals (RR).
According to sources close to the development, the Mittal family has submitted a binding bid as part of a high-stakes auction managed by The Raine Group—the same boutique investment bank that oversaw the multi-billion dollar sales of Chelsea FC and Manchester United.
Segment 1: The “Billion-Dollar” Club
The bid comes at a time when IPL valuations are skyrocketing. While early estimates pegged the inaugural champions at a $1 billion floor, recent market activity suggests the final price could climb significantly higher.
- The Bid Floor: Initial offers for the franchise have reportedly started at $1.1 billion, with a “buyout” valuation potentially reaching $1.3 billion.
- Due Diligence: The deal is currently in the advanced due diligence phase. If successful, it would mark Rajasthan Royals as one of the first standalone IPL franchises to officially cross the billion-dollar valuation threshold in a private sale.
- Current Ownership: The franchise is currently majority-owned by Manoj Badale’s Emerging Media Ventures (65%), with secondary stakes held by RedBird Capital Partners and Lachlan Murdoch.
Segment 2: A Global Sports Portfolio Play
For the Mittal family, the move into the IPL is a logical extension of a broader, aggressive push into global sports.
“The Mittals are no longer just steel magnates; they are building a diversified sports empire,” says a lead analyst at Houlihan Lokey. “Following their recent investment in the Boston Celtics (NBA), an IPL team is the missing ‘crown jewel’ for their portfolio, especially given the family’s roots in Rajasthan.”
The Mittal Sports Expansion:
- NBA: Acquisition of a stake in the Boston Celtics (2025).
- Indian Football: Long-standing support for grassroots athletics via the Mittal Champions Trust.
- IPL: The current bid for Rajasthan Royals marks their first direct entry into major league cricket.
Segment 3: The Bidding War — Steel vs. Cement vs. Silicon
The Mittal Group is not alone in the pursuit. The Raine Group has reportedly shortlisted four major contenders, turning the sale into a corporate “Clash of Titans”:
| Contender | Profile |
| Mittal Group | Global steel powerhouse (ArcelorMittal). |
| Aditya Birla Group | Partnered with David Blitzer (Harris Blitzer Sports & Entertainment). |
| Times Internet | Led by Satyan Gajwani; looking to expand digital cricket assets. |
| Kal Somani Consortium | US-based entrepreneur and existing minority investor in RR. |
Segment 4: The Sanju Samson “Butterfly Effect”
The timing of the sale is particularly sensitive. The franchise is navigating a period of internal transition following the high-profile trade of long-time captain Sanju Samson to Chennai Super Kings.
Prospective owners are reportedly valuing the team not just on current performance, but on its massive growth potential in “Tier-2” Indian cities and its successful global expansion (owning the Barbados Royals in the CPL and the Paarl Royals in SA20).
The Bottom Line
The entry of the Mittal Group signifies the “institutionalization” of IPL ownership. As the league moves toward a $20 billion total ecosystem valuation, the transition from individual venture capitalists (like Manoj Badale) to global industrial conglomerates (like Mittal and Birla) marks the beginning of IPL 2.0.
A final announcement regarding the winning bidder is expected before the IPL 2026 Mega Auction later this year.
