Lakshmi Mittal, Poonawalla-Led Group to Buy IPL Franchise for $1.65 Billion
The deal values the IPL franchise and its sister teams at $1.65 billion, with the Mittal family taking 75% and Adar Poonawalla 18%, officials said.
- On Sunday, Lakshmi N. Mittal and Aditya Mittal, in partnership with Adar Poonawalla, announced a definitive agreement to acquire the Rajasthan Royals from Manoj Badale and consortium for USD 1.65 billion.
- This transaction follows a failed bid two months ago by US-based investor Kal Somani, who sought to acquire a 100 per cent stake in the franchise for USD 1.63 billion.
- Ownership will be divided with the Mittal Family holding 75 percent and Poonawalla acquiring 18 per cent, while the USD 1.65 billion valuation encompasses the Rajasthan Royals men's franchise, Paarl Royals, and Barbados Royals.
- Badale will continue supporting the Royals, acting as a bridge between the past and present. This marks the second IPL franchise acquired this year, following Royal Challengers Bengaluru's sale for 16,660 crore.
- Completion is expected in Q3 2026, pending customary closing conditions including approvals from the BCCI, the CCI, the IPL Governing Council, and other applicable regulatory authorities.
40 Articles
40 Articles
Lakshmi Mittal, Adar Poonawala buy stake in Rajasthan Royals in Rs 15,660 cr deal
The two billionaires have formed a new consortium along with Manoj Badale, the current principal owner of the franchise, to own RR along with its sister franchises in the SA20 and Caribbean Premier League.
Lakshmi Mittal, Poonawalla-led group to buy IPL franchise for $1.65 billion
NEW DELHI, May 3 : A consortium led by steel billionaire Lakshmi Mittal and vaccine tycoon Adar Poonawalla has agreed to acquire Indian Premier League franchise Rajasthan Royals in a deal valuing the team at $1.65 billion, a statement said.Mittal will hold about 75 per cent of the franchise along with his fam
Who is Lakshmi Mittal, new owner of IPL franchise Rajasthan Royals?
Lakshmi Mittal announced the acquisition of IPL franchise Rajasthan Royals for a huge sum of USD 1.65 billion (approximately Rs 15,600 crore) along with his son Aditya Mittal and Adar Poonawalla. The Mittal family has bought the major stake in the franchise, with 75 per cent of ownership falling to them, while Serum Institute of India's Adar Poonawalla has an 18 per cent stake in the team. The remaining 7 per cent will stay with the approved exi…
Rajasthan Royals acquired by Mittal family in association with Adar Poonawalla for USD 1.65 billion. Check full details
Rajasthan Royals acquired by the Mittal Family in association with Adar Poonawalla. Check the full details of the latest sale of the IPL franchise.
Coverage Details
Bias Distribution
- 58% of the sources lean Right
Factuality
To view factuality data please Upgrade to Premium
