The family of Lakshmi N. Mittal, a prominent steel magnate, has finalized an agreement to acquire the Rajasthan Royals cricket franchise for $1.65 billion in collaboration with Adar Poonawalla, a notable businessman. This acquisition involves purchasing the franchise from the current ownership group led by Manoj Badale. Following the deal, the Mittal family will control approximately 75% of the team, while Poonawalla will own about 18%. The transaction also encompasses the franchise's overseas teams, including the Paarl Royals in South Africa and the Barbados Royals in the Caribbean. The acquisition reflects a growing interest among India's elite business families in high-value cricket assets, especially in light of the increasing valuation of franchises in the Indian Premier League (IPL). The deal is pending customary approvals from various regulatory bodies and is anticipated to be completed in the July-September quarter of 2026.