In a major development, Indian billionaire Laxmi Mittal has acquired the Rajasthan Royals cricket franchise for $1.65 billion (approximately INR 15,660 crore). The acquisition, finalized with Aadar Poonawalla and existing principal owner Manoj Badale, grants the Mittal family about 75% ownership of the franchise, while Poonawalla will hold 18%. The deal also encompasses the Paarl Royals and Barbados Tridents, extending the Royals brand's reach in international cricket. This acquisition replaces a previous bid made by a consortium led by Arizona-based entrepreneur Kal Somani, which had aimed to secure the franchise for $1.635 billion but ultimately did not finalize the deal. The Rajasthan Royals, one of the original franchises in the Indian Premier League (IPL), was initially purchased in 2008 for $67 million. The franchise has seen significant valuation growth since then, reflecting the increasing financial stakes in cricket.