Another big stir has been seen in the world of IPL, where the giants of the business world have come together and executed a historic deal. Famous industrialist Lakshmi Niwas Mittal and her son Aditya Mittal have entered into an agreement to buy Rajasthan Royals in partnership with vaccine manufacturer Adar Poonawala. This deal of about $ 1.65 billion (about Rs 15,600 crore) is being counted among the biggest deals in IPL history, which reflects the growing global identity and brand value of the franchise.
Change in team ownership structure
After this agreement, there will be a big change in the ownership structure of the team. The Mittal family has emerged as the major shareholder of this franchise and will hold a total stake of 75 percent. At the same time, Adar Poonawala will remain an important partner with 18 percent stake. The team’s current owner Manoj Badale and other investors will hold the remaining 7 percent stake. However, Badale will not be completely separated from the team, rather he will continue to play a role in maintaining the balance between the new and old management.
Actually, before this, another investor group had bid to buy this team, which was led by Kal Somani. But due to hurdles in financial arrangements, the deal got stuck in the final stages. After this, the Mittal family and Poonawala came forward and completed this much talked about deal and the franchise got new leadership.
This deal is not limited to just the IPL team, but includes the entire ‘Royals Group’ associated with it. Apart from Rajasthan Royals, South Africa’s Paarl Royals and Caribbean Premier League’s Barbados Royals are also part of this agreement. That means this deal has been done keeping in mind the total enterprise value of the three teams. However, before it can be fully implemented, formal approval is still to be received from the Board of Control for Cricket in India and the IPL Governing Council, which can be completed in the coming time.
What did Lakshmi Niwas Mittal say?
Lakshmi Niwas Mittal, while sharing her feelings on this occasion, said that her family is originally associated with Rajasthan. Therefore, for them this team is not just an investment but a symbol of emotional attachment. He said that he is excited to sit in the stadium and support the team with the fans. At the same time, Aditya Mittal talked about promoting the young talent of the team and maintaining its strong legacy.
Adar Poonawala also showed a positive attitude towards this new partnership and said that he is committed to taking the team to new heights. On the other hand, Manoj Badale described the addition of big names like Mittal family and Poonawala as a matter of pride for the team and expressed gratitude for the support of the fans and players. He said that this partnership will prove important in further strengthening the identity of ‘Halla Bol’.
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