CCI approves Rajasthan Royals acquisition

The proposed change in ownership of Rajasthan Royals has received approval from the Competition Commission of India (CCI). According to a Navbharat Times report dated 21 September 2026, the acquisition involving Lakshmi Mittal’s family and Adar Poonawalla includes Paarl Royals and Barbados Royals alongside the Indian team. For those following India’s sports franchise market, the key development is not simply the purchase of one team, but control of a group spanning three cricket markets.

Regulatory approval announced on 17 September

Citing a report by Billionaires Africa, Navbharat Times said the CCI announced its approval of the acquisition on 17 September. The deal covers Rajasthan Royals in the Indian Premier League, Paarl Royals in South Africa’s SA20 league and Barbados Royals in the Caribbean Premier League.

The report puts the deal’s value at approximately US$1.65 billion, or around INR158.38 billion. The acquisition was announced earlier this year. In that announcement, the US$1.65 billion figure was described as the enterprise value. It should therefore not be interpreted as the value of a single team or the amount payable by any one investor.

This news specifically concerns approval from the competition regulator. The available report does not separately confirm that all steps required to complete the deal have been concluded, or that day-to-day management of the teams has passed to the new owners. Approval and the actual transfer of control should be treated as separate stages.

Mittal family to hold approximately 75 per cent

The acquisition is being made through Westview Cricket Limited. According to the report, this is a UK-registered investment company owned by the Mittal family. Poonawalla Sports and Fitness Private Limited is also involved in the deal.

The family, led by Lakshmi Mittal and his son Aditya Mittal, will acquire approximately 75 per cent of the franchise group through Westview Cricket. Poonawalla’s stake is reported to be around 18 per cent. The remaining seven per cent or so is expected to stay with existing investors, including Manoj Badale.

These proportions help explain the proposed ownership structure. According to the report, the Mittal family will be the largest shareholder, with Poonawalla also forming part of the new investor group. However, the available information does not set out the board’s composition, individual investors’ voting rights or responsibilities for running the teams. It would be inappropriate to draw conclusions on these matters from shareholding percentages alone.

Three cricket teams within a single deal

Mauritius-based EM Sporting Holdings plays an important role in the acquisition structure. According to the report, it owns the companies that operate Rajasthan Royals, Paarl Royals and Barbados Royals. The transaction therefore extends beyond a single Indian cricket franchise.

The agreement will give the new investor group control of teams playing in India, South Africa and the Caribbean. This shared ownership structure is the international dimension of the story: three teams competing in different tournaments fall within one acquisition.

For readers exploring India’s franchise market, there is an important distinction here. This is a deal to buy ownership in an existing sports franchise group, not an offer to open a new outlet or local business unit, or to enter a conventional franchise partnership. The report contains no announcement of applications for small investors, franchise fees or opportunities to open new business units.

Approval follows an earlier unsuccessful proposal

The Navbharat Times report says the current acquisition was announced after an earlier proposed deal involving a consortium led by US investors fell through. That earlier proposal valued the franchise group at approximately US$1.63 billion. The declared enterprise value of the current deal is around US$1.65 billion.

The available information does not explain why the earlier proposal failed or provide detailed terms for either proposal. The difference between the announced valuations alone is therefore insufficient to assess the merits of the deal, potential returns or the investors’ strategy. For now, the confirmed development is regulatory approval, alongside the three-team scope and the ownership structure described in the report.

Practical takeaway: When reading about a franchise acquisition, examine the announced valuation, the stake being purchased and regulatory approval separately. The next important points to confirm here will be completion of the deal and the final ownership structure.