Lalit Modi Supports Mittal-Poonawalla Acquisition of Rajasthan Royals
‘IPL in safest hands’: Lalit Modi backs Mittal-Poonawalla takeover of Rajasthan Royals
The Economic TimesImage: The Economic Times
Lalit Kumar Modi praised the proposed acquisition of Rajasthan Royals by the Mittal family and Adar Poonawalla, calling it a significant development for the Indian Premier League (IPL). The deal values the franchise at approximately $1.65 billion, with the Mittals expected to hold 75% ownership post-acquisition.
- 01Lalit Modi endorses the Mittal family and Adar Poonawalla's acquisition of Rajasthan Royals.
- 02The deal values the franchise at approximately $1.65 billion.
- 03The Mittals will control 75% of the team, with Poonawalla owning about 18%.
- 04The acquisition includes the Royals' international teams in South Africa and the Caribbean.
- 05The transaction is expected to finalize in the third quarter of 2026.
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Lalit Kumar Modi, a key figure in the Indian Premier League (IPL), expressed strong support for the acquisition of Rajasthan Royals by the Mittal family and Adar Poonawalla. He described the partnership as 'the best news' for the league, ensuring it remains in 'the safest of hands.' The deal, which values the franchise at approximately $1.65 billion, will see the Mittal family, led by Lakshmi N. Mittal and Aditya Mittal, acquire 75% of the team, while Poonawalla will hold around 18%. Existing owner Manoj Badale will retain a 7% stake and continue to support the franchise. The acquisition also extends to the Royals' international teams, including Paarl Royals in South Africa and Barbados Royals in the Caribbean, highlighting the franchise's growing global presence. The deal is anticipated to close in the third quarter of 2026, pending regulatory approvals. This acquisition reflects the increasing valuations of IPL franchises, further solidifying the league's status as a valuable sporting property attracting global investors.
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The acquisition signifies a strong financial backing for Rajasthan Royals, potentially enhancing the team's performance and marketability, which could positively affect fans and local businesses.
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