{"id":647103,"date":"2026-05-03T14:48:09","date_gmt":"2026-05-03T14:48:09","guid":{"rendered":"https:\/\/www.newsbeep.com\/au\/647103\/"},"modified":"2026-05-03T14:48:09","modified_gmt":"2026-05-03T14:48:09","slug":"cricket-lakshmi-mittal-poonawalla-led-group-to-buy-ipl-franchise-for-1-65-billion","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/au\/647103\/","title":{"rendered":"Cricket-Lakshmi Mittal, Poonawalla-led group to buy IPL franchise for $1.65 billion"},"content":{"rendered":"\n<p class=\"yf-1fy9kyt\">NEW DELHI, May 3 (Reuters) &#8211; A consortium led by steel billionaire Lakshmi Mittal and \u200cvaccine tycoon Adar Poonawalla has agreed \u200cto acquire Indian Premier League franchise Rajasthan Royals in a \u200bdeal valuing the team at $1.65 billion, a statement said.<\/p>\n<p class=\"yf-1fy9kyt\">Mittal will hold about 75% of the franchise along with his family, while Poonawalla is \u200cset to own \u2060around 18%, the statement issued by the consortium said. Existing investors, including \u2060Manoj Badale, will retain about a 7% stake.<\/p>\n<p class=\"yf-1fy9kyt\">The deal includes the Rajasthan Royals&#8217; men&#8217;s IPL team \u200bas well \u200bas its sister \u200bfranchises Paarl Royals in \u200cSouth Africa&#8217;s SA20 competition and Barbados Royals in the Caribbean Premier League.<\/p>\n<p class=\"yf-1fy9kyt\">Completion of the transaction is subject to regulatory approval, including from the Board of Control for Cricket in India (BCCI), the \u200cantitrust watchdog and the \u200bIPL Governing Council, and is \u200bexpected in \u200bthe third quarter of 2026.<\/p>\n<p class=\"yf-1fy9kyt\">Mittal, his \u200cson Aditya, and daughter Vanisha \u200bMittal-Bhatia, Poonawalla \u200band Badale will join the Rajasthan Royals&#8217; board following completion.<\/p>\n<p class=\"yf-1fy9kyt\">Badale will continue to support \u200bthe franchise \u200cin an ongoing role.<\/p>\n<p class=\"yf-1fy9kyt\">(Reporting by Aditya Kalra &amp; \u200bRuhcika Khanna; Writing by Sarita Chaganti Singh, \u200bediting by Ed Osmond)<\/p>\n","protected":false},"excerpt":{"rendered":"NEW DELHI, May 3 (Reuters) &#8211; A consortium led by steel billionaire Lakshmi Mittal and \u200cvaccine tycoon Adar&hellip;\n","protected":false},"author":2,"featured_media":647104,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[564],"tags":[120098,64,63,72834,740,13849,173461,312995,8472,313106,44087,85,313107],"class_list":["post-647103","post","type-post","status-publish","format-standard","has-post-thumbnail","category-cricket","tag-adar-poonawalla","tag-au","tag-australia","tag-caribbean-premier-league","tag-cricket","tag-indian-premier-league","tag-lakshmi-mittal","tag-manoj-badale","tag-paarl-royals","tag-poonawalla","tag-rajasthan-royals","tag-sports","tag-vanisha-mittal-bhatia"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/647103","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=647103"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/647103\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/647104"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=647103"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=647103"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=647103"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}