Ishan Crawford Delhi Capitals and Lucknow Super Giants have completed a high-profile IPL trade that sends Rishabh Pant back to Delhi and Kuldeep Yadav to Lucknow. The deal, confirmed by the IPL on June 23, drops Pant’s fee from a record INR 27 crore to a revised INR 15 crore.
Pant was acquired by LSG at the TATA IPL 2025 Player Auction, recording the highest winning bid in IPL history. He returns to Delhi Capitals, where he spent nine seasons and made 111 appearances, more than any player for the franchise. Kuldeep, a left-arm wrist spinner, moves the other way. The IPL framed the swap as one of the most significant player trades in recent tournament history.
The Trade Is Complete
The IPL confirmed the deal on June 23 in a media advisory that named both players and the fee structure. Pant will rejoin Delhi Capitals at a revised fee; Kuldeep will join LSG at his existing fee. The advisory calls the move “one of the most significant player trades in recent IPL history” without elaborating on what makes it so.
Pant’s original LSG contract was the highest single bid ever made at an IPL auction. The trade papers sat with the BCCI for approval before the announcement, per Cricbuzz. The IPL’s own release does not name a captaincy arrangement at DC for Pant, who led LSG in IPL 2025 and 2026 before stepping down days before this year’s final. Cricbuzz reports it is unlikely Pant will return as DC captain even if the franchise’s leadership changes. The full text is in the official advisory confirming the trade.
Pant Returns to His Defining Franchise
The trade sends Pant back to the franchise that built him. He spent nine seasons at Delhi Capitals between 2016 and 2024, making 111 appearances, a figure the IPL advisory notes is the most by any player for DC. That longevity made him one of the defining faces of a franchise that existed for only slightly longer than he did.
Pant also captained DC in 43 matches across four seasons from 2021 to 2024, per the same advisory. He missed the entire 2023 IPL season because of the car accident injuries that kept him out of competitive cricket for the better part of a year. Cricbuzz reports he was released ahead of the 2025 mega auction following disagreements with the previous DC management. The current DC ownership structure, with Parth Jindal’s JSW set to hold the reins for the next two years, initiated the trade.
Jindal, the co-owner who has long been an admirer of Pant, is understood to have backed the move to bring him back to the franchise, per Cricbuzz. The advisory frames Pant as a defining face of the franchise across his nine-season first stint, a tenure that ended with the 2025 auction release. The return does not yet carry any commitment on the captaincy. Cricbuzz reports there is unlikely to be any role for Hemang Badani, DC’s head coach for the past two seasons.
DC finished sixth in IPL 2026 under captain Axar Patel. Sourav Ganguly is returning as head of cricketing affairs at DC under the JSW-led structure, per Cricbuzz, with former India all-rounder Yuvraj Singh set to join the coaching staff.
How LSG’s Reset Year Unfolded
The deal lands at the end of LSG’s worst season. The franchise finished bottom of the IPL 2026 table with four wins from 14 games. Pant led the side in both 2025 and 2026; in 2026 he scored 312 runs at a strike rate of 138.05 with a best of 68 not out across 13 innings, per ESPNcricinfo.
Under Pant’s captaincy across both seasons, LSG won 10 matches and lost 18, finishing seventh in his first season and last in his second. The pattern drew the franchise’s attention before the campaign ended. Two days before the IPL 2026 final, Pant told LSG he was going to step down as captain, per ESPNcricinfo. The development followed comments from LSG team director Tom Moody, who had publicly spoken of “resetting” the leadership after the team’s last match.
LSG framed the step-down as a wider overhaul rather than a single personnel change. The franchise had been built around KL Rahul in its first three seasons from 2022 to 2024, with two playoff finishes and one seventh-place year. Pant’s record-shattering arrival was the reset of that era. The current deal closes it, sending Pant back to Delhi and bringing Kuldeep in his place. The cap implications matter: ESPNcricinfo reports the fee math leaves LSG with room in their purse for the next auction cycle while DC sees a smaller deduction.
Read how Pant stepped down as LSG captain for the earlier move that set this trade in motion. Moody’s reset framing pointed toward a fresh start. The deal delivers that reset for LSG on the financial side.
The leadership question at LSG remains open, with no successor named in the advisory. The domestic structure at DC is the parallel reset on the other side, with Parth Jindal’s JSW holding the reins for two years. Cricbuzz reports Sourav Ganguly is returning to DC as head of cricketing affairs, with Yuvraj Singh set to join the coaching staff.
What Kuldeep Did for Delhi
The trade sends Kuldeep to LSG after a five-season stint at Delhi Capitals. The IPL advisory frames him as one of the most reliable wicket-taking bowlers in the tournament over that span. The left-arm wrist spinner is set to rejoin a state where he already plays domestic cricket.
Kuldeep’s IPL 2026 was quieter than his DC peak. The wrist spinner’s only multi-wicket return was one three-for. DC finished sixth in 2026 under captain Axar Patel and head coach Hemang Badani.
Dear Kuldeep thank you for your service over the last 5 years @DelhiCapitals you have been a core part of our team and you will be sorely missed.
Parth Jindal, the Delhi Capitals co-owner, posted the message on X on June 23, the same day the trade was announced. Jindal’s separate note about Kuldeep’s home ground pointed to the bowler’s domestic route.
Cricbuzz notes the swap is a homecoming of sorts for both players at the domestic level. Pant played state-level cricket for Delhi; Kuldeep represents Uttar Pradesh. The two domestic states map onto the two franchises the players are swapping between.
- 72 wickets in 65 matches at Delhi Capitals since 2022
- 8.24 career economy rate at DC over that span
- 10 wickets in 11 bowling innings in IPL 2026
- 10.29 economy rate in IPL 2026
The Numbers Behind the Fees
The fee structure is where the deal leaves its sharpest mark. At the 2025 auction, LSG broke the IPL’s auction record to sign Pant, per the IPL advisory. The trade sends him back to DC at a revised fee of INR 15 crore. Kuldeep moves to LSG at his existing fee of INR 13.50 crore.
The fee mechanic has salary-cap consequences on both sides. ESPNcricinfo reports the difference between Pant’s previous fee and his revised one will leave LSG with room in their purse for the next auction cycle; DC will see a smaller deduction against their own cap. The same report identifies Pant as the second big name after Ravindra Jadeja to take a pay cut as part of a trade in recent times. For LSG, the deal unblocks the largest salary commitment on their books while adding an India wrist spinner at a lower fee. The full numbers sit in the full breakdown of the trade fees.
| Player | Direction | Fee |
|---|---|---|
| Rishabh Pant | Lucknow Super Giants to Delhi Capitals | INR 15 crore (revised from INR 27 crore) |
| Kuldeep Yadav | Delhi Capitals to Lucknow Super Giants | INR 13.50 crore (existing) |
Where the Jadeja Trade Fits
The Jadeja precedent frames the Pant pay cut. Ahead of IPL 2026, Chennai Super Kings and Rajasthan Royals completed one of the biggest trades in IPL history, swapping Ravindra Jadeja and Sam Curran for Sanju Samson. CSK had retained Jadeja in 2022 for INR 18 crore; RR signed him at INR 14 crore. ESPNcricinfo reports the Pant deal is the second such pay-cut trade after that exchange.
The parallel is not exact. The Jadeja swap moved multiple players and split Curran’s fee the other way. The Pant-Kuldeep deal is a straight one-for-one. The pattern is the same: a marquee all-format India player on a high fee agrees to lower it to make a trade work.
Cricbuzz reports Pant agreed to lower his expectations to facilitate the move, mirroring what Jadeja did before his trade to Rajasthan Royals. The choice was framed as the player’s, with both franchises able to absorb the new figures within their salary caps. The mechanism has now been used twice for marquee India players inside a single off-season window.
Questions the Trade Leaves Open
The advisory leaves several questions unanswered. The IPL’s release does not name a successor to Pant as LSG captain, nor does it say whether Pant will captain DC. Cricbuzz reports it is unlikely Pant will return as DC captain even if the franchise’s leadership changes. Axar Patel led DC in IPL 2026, and his role in the new-look management is the next decision for the franchise.
The BCCI’s approval of the trade papers is the procedural step the deal still needs, per Cricbuzz. The leadership transition at Delhi Capitals covers the management changes that brought the two sides to the table. The auction cycle that follows the 2026 season is the next scheduled event for both franchises.
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