The command of the brilliant Indian Premier League (IPL) team Rajasthan Royals (RR) has now passed into the hands of the Mittal family. Lakshmi Mittal and her son Aditya Mittal along with Adar Poonawala have bought this team.
The total worth of Rajasthan Royals is Rs 15,600 crore. Earlier, the American group led by Kal Somani had bid to buy the team, but the deal was canceled due to lack of funding.
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Mittal Group has 75 percent control.
Lakshmi Mittal family will get 75 percent share of the team. Adar Poonawala will hold 18 percent and existing investors will hold about 7 percent. This deal includes not only the Rajasthan Royals IPL team, but also South Africa’s Paarl Royals and Caribbean’s Barbados Royals franchises.
When will the deal be completed?
For the deal to be completed, approval from bodies like BCCI, CCI and IPL Governing Council is required. The deal is expected to be completed in the third quarter of 2026.
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Who is Lakshmi Mittal?
Lakshmi Mittal comes from Sadulpur, Rajasthan. He is one of the richest people in the world. His business is spread in many countries of the world. He is the uncrowned king of steel and mining industry. He currently serves as the Executive Chairman of ArcelorMittal.
Why did Lakshmi Mittal buy the team?
Lakshmi Mittal says that she loves cricket and because her family is related to Rajasthan, Rajasthan Royals was her first choice. Aditya Mittal said that the team is known for giving opportunities to new talent and he will carry forward this tradition.
Why did Adar Poonawala become partner?
Adar Poonawala said that he is very happy to participate in this investment with Aditya Mittal. Current owner Manoj Badale will remain on the board and will provide his full support to the new management. This deal is considered very important for Rajasthan Royals.
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