Lakshmi Mittal

In a landmark development for cricket and global sports investment, Lakshmi Mittal has agreed to acquire Rajasthan Royals at a valuation of $1.65 billion (approximately Rs 15,660 crore). The deal displaces a previously announced US-led consortium involving high-profile investors, signaling a dramatic shift in ownership dynamics within the Indian Premier League. This transaction underscores the IPL’s escalating franchise valuations and growing appeal among global billionaires.

In a landmark transaction, Rajasthan Royals has been acquired by a consortium led by Indian industrialist Lakshmi Mittal and entrepreneur Adar Poonawalla, valuing the franchise at approximately Rs. 15,660 crore (US $1.65 billion). The deal, which also includes stakes in Paarl Royals and Barbados Royals, signals a strategic expansion of the Royals brand across global T20 leagues. Existing stakeholder Manoj Badale remains part of the ownership structure, ensuring continuity alongside new capital infusion.