CCI Clears Mittal-Poonawalla Acquisition of Rajasthan Royals and Two Overseas Teams

The Competition Commission of India (CCI) has approved the acquisition of three professional cricket franchises - Rajasthan Royals in India, Paarl Royals in South Africa and Barbados Royals in Barbados - by Westview Cricket Ltd and Poonawalla Sports and Fitness Pvt Ltd, clearing a major regulatory hurdle for one of the biggest ownership changes in franchise cricket. The transaction, announced in May, carries an enterprise valuation of approximately $1.65 billion.

The proposed ownership structure brings together steel industrialist Lakshmi N. Mittal and his family with Adar Poonawalla, chief executive of the Serum Institute of India. Westview Cricket, registered in the UK, is the investment vehicle of the Mittal family, while Poonawalla Sports and Fitness is an Indian private company wholly owned by Poonawalla. Under the proposed structure, the Mittal family will hold about 75%, Poonawalla around 18%, while existing investors, including long-time Royals investor Manoj Badale, will retain about 7%.

The transaction covers more than the IPL franchise. The three teams are held through EM Sporting Holdings Ltd (EMSH), a Mauritius-incorporated holding company that controls Royal Multisport Pvt Ltd (RMPL), Paarl Royals Ltd and Barbados Royals Ltd. RMPL owns and operates Rajasthan Royals in the Indian Premier League, while Paarl Royals compete in SA20 and Barbados Royals in the Caribbean Premier League.

The CCI had sought additional information in August while examining the proposed combination. The acquiring parties maintained that they had no overlapping businesses in India with the target entities in any relevant market. Following its assessment, the regulator cleared the transaction, stating that it was not likely to cause an appreciable adverse effect on competition. The detailed CCI order is expected separately.

Rajasthan Royals were among the eight original IPL franchises launched in 2008 and were acquired by an entity led by Badale for approximately $67 million. The team won the inaugural IPL title under Shane Warne. The ownership group later expanded overseas, acquiring a majority stake in the Barbados Tridents in 2021 and introducing the Barbados Royals brand, before adding Paarl Royals for South Africa’s SA20.

The current deal follows an earlier proposed $1.63-billion transaction that did not proceed. The Mittal-Poonawalla agreement announced in May subsequently valued the broader Royals group at about $1.65 billion.

The CCI clearance removes a key competition-law hurdle, while other applicable approvals, including those involving cricket authorities, remain relevant before the transaction is completed. The deal marks a significant shift in ownership and further highlights the growing value of cross-border franchise cricket.