Lakshmi N Mittal and family, along with Adar Poonawalla, have agreed a $1.65 billion deal to acquire Rajasthan Royals, one of the founding franchises of the Indian Premier League.
The Mittal family will hold around 75 percent of the franchise, while Poonawalla will own nearly 18 percent. Existing investor Manoj Badale will retain a minority stake and join the board.
The valuation includes the Royals’ associated teams — Paarl Royals in South Africa and Barbados Royals in the Caribbean. Rajasthan Royals, IPL’s inaugural champions in 2008 under Shane Warne, are entering a new ownership era.