In a landmark development in the world of franchise cricket, IPL team Rajasthan Royals has been sold in a massive $1.65 billion deal to the family of steel magnate Lakshmi Mittal and investor Adar Poonawalla.
Under the agreement, the Mittal family will acquire a dominant 75% stake in the franchise, while Poonawalla will take an additional 18% share. Existing owner Manoj Badale will retain a 7% stake and continue his association with the franchise by joining the board, ensuring continuity in leadership and vision.
The deal, which also includes the Royals’ associated teams in South Africa and the Caribbean leagues, marks one of the most significant valuations in IPL history.
Lakshmi Mittal described the acquisition as a “dream come true,” highlighting his deep-rooted connection to Rajasthan. His son, Aditya Mittal, emphasized the franchise’s strong legacy in nurturing young talent and expressed optimism about building a dominant future.
The transaction is currently subject to approval from the Board of Control for Cricket in India.
Fans have already begun celebrating the potential of a new era for the franchise, with expectations of stronger ties to Jaipur and renewed ambition for IPL titles.
