Uptick in Cricket M&A: Rajasthan Royals Buyout Gets CCI Nod

On 17 September 2026, the Competition Commission of India (CCI) approved the acquisition of three professional cricket franchises – Rajasthan Royals (IPL), Paarl Royals (SA20, South Africa) and Barbados Royals (Caribbean Premier League) – by Westview Cricket Limited and Poonawalla Sports and Fitness Private Limited. The deal is reportedly valued at around $1.65 billion.

More on the parties

Westview Cricket Limited is a UK-registered investment vehicle owned by the Mittal family, while Poonawalla Sports and Fitness Private Limited is an Indian company wholly owned by Adar Cyrus Poonawalla. The franchises are held through Mauritius-registered EM Sporting Holdings Limited (EMSH), the holding company for Royal Multisport Private Limited (RMPL), which owns and operates Rajasthan Royals, Paarl Royals Ltd and Barbados Royals Ltd.

Under the proposed structure, the Mittal family (led by Lakshmi Mittal and Aditya Mittal) will hold around 75%, Poonawalla around 18%, and existing investors, including Manoj Badale, roughly 7%.

Once completed, the transaction will give the new investor group control of cricket teams competing across three major T20 markets — India, South Africa and the Caribbean.

The CCI’s approval clears the competition-law hurdle; the Board of Control for Cricket in India (BCCI) and the IPL Governing Council must still approve before the ownership transfer can be completed.

Why it matters

The deal highlights growing investor interest and rising valuations in IPL franchises, now among the most valuable properties in global sport. It follows the CCI’s approval on 30 June 2026 of the acquisition of Royal Challengers Bengaluru (RCB) by a consortium of the Aditya Birla Group, the Times of India Group, Bolt Ventures and Blackstone, at a reported valuation of $1.78 billion. These benchmarks are already shaping the market: the Sanjiv Goenka-led RPSG Group is reportedly exploring the sale of a 15–20% stake in Lucknow Super Giants (LSG), acquired for ₹7,090 crore ($800 million) in 2021, at a valuation of $1.5–2 billion, though the company has stated in an exchange filing that it has no proposal, plan or decision to sell any stake at this point.