Laxmi Mittal and Aadar Poonawalla Acquire Rajasthan Royals for $1.65 Billion
New twist in Rajasthan Royals ownership as Indian businessman Laxmi Mittal acquires franchise
Espncricinfo
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Indian billionaire Laxmi Mittal, alongside Aadar Poonawalla, has acquired the Rajasthan Royals cricket franchise for $1.65 billion (approximately INR 15,660 crore). This acquisition includes ownership of the Paarl Royals and Barbados Tridents franchises, marking a significant shift in the team's ownership structure.
- 01Laxmi Mittal's consortium acquires Rajasthan Royals for $1.65 billion.
- 02Mittal family will hold approximately 75% of the franchise.
- 03Aadar Poonawalla will own about 18% of the team.
- 04The deal also includes ownership of Paarl Royals and Barbados Tridents.
- 05Previous bid by a US-based consortium led by Kal Somani was unsuccessful.
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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.
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This acquisition could lead to increased investment in the Rajasthan Royals, enhancing team performance and fan engagement.
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