Connect with us
DAPA Banner

Sports

Rajasthan Royals sale: Mittal family, Adar Poonawalla seal $1.65 bn deal | IPL 2026

Published

on


The Mittal family, led by Lakshmi N Mittal and Aditya Mittal, reached a definitive agreement to acquire the Rajasthan Royals (RR) in partnership with Serum Institute of India Chief Executive Officer Adar Poonawalla from Manoj Badale and his consortium.

 


The transaction values the franchise at approximately $1.65 billion and includes the Rajasthan Royals’ Indian Premier League (IPL) team, along with Paarl Royals in South Africa and Barbados Royals in the Caribbean.

 

Advertisement


Following completion, the Mittal family will hold about 75 per cent stake, while Poonawalla will own around 18 per cent. The remaining 7 per cent will stay with approved existing investors, including Badale.

 
 


Approvals pending; deal expected by Q3 2026

 

Advertisement


The acquisition remains subject to approvals from the Board of Control for Cricket in India (BCCI), the Competition Commission of India (CCI), the IPL Governing Council, and other regulatory authorities. The deal is expected to close in the third quarter of 2026.

 


Lakshmi Mittal, Aditya Mittal, Vanisha Mittal-Bhatia, Adar Poonawalla and Manoj Badale will join the board of Rajasthan Royals.

 

Advertisement


“Badale is set to continue in a supporting role, acting as a bridge between the existing management and the new ownership,” according to the media release.

 


Mittals cite Rajasthan roots, IPL growth appeal

 

Advertisement


Lakshmi Mittal highlighted his personal connection with the state and the sport.

 


“I love cricket and my family is from Rajasthan, so there is no IPL team that I would rather be part of than the Rajasthan Royals,” he said in the media release.

 

Advertisement


Aditya Mittal said the IPL had rapidly emerged as one of the biggest sporting leagues globally and described the Royals as one of its most iconic teams.

 


Vanisha Mittal-Bhatia said the family’s association with sport and India made the investment “an honour and a privilege”.

 

Advertisement


Poonawalla said he looked forward to supporting the franchise’s long-term growth.

 


Why Kal Somani-led US consortium missed out

 

Advertisement
The US-based consortium led by Kal Somani fell out of contention for the Rajasthan Royals acquisition after failing to firm up funding and resolve structural hurdles during the exclusivity period.

 


The group, which had attracted high-profile global investors such as Walmart heir Rob Walton — owner of the National Football League’s Denver Broncos — and Sheila Ford Hamp of the Detroit Lions, struggled to translate interest into binding financial commitments.

 


People aware of the development said the proposed $1.63-billion transaction faced delays due to gaps in capital commitments, regulatory complexities, and difficulties in structuring the consortium.

Advertisement

 


These challenges prevented the group from meeting timelines required to close the deal, allowing the Mittal family-led consortium, backed by Adar Poonawalla, to emerge as the preferred bidder.

 


Advisers and transaction details

Advertisement

 


The buyer consortium was advised by Latham & Watkins, Cyril Amarchand Mangaldas and Trilegal as legal counsel, Goldman Sachs as financial adviser, and Price Waterhouse & Co as tax adviser.

 


Raine Group managed the sale process and acted as commercial adviser to the seller consortium, alongside Deloitte, EY, Macfarlanes, and AZB Partners.

Advertisement

Source link

Continue Reading
Click to comment

You must be logged in to post a comment Login

Leave a Reply

Sports

MJF suddenly drops Cody Rhodes reference; slams former WWE star

Published

on

MJF referenced Cody Rhodes online. He did so as he slammed a former WWE star.

MJF is one of the best professional wrestlers in the world. He first gained traction in AEW, where he grew to become one of the biggest heels in the company. Maxwell also went on to win the AEW World Championship twice. The Salt of the Earth doesn’t shy away from confrontation online and is always known for speaking his mind. He isn’t afraid to run his mouth and take shots at anyone, including Val Venis.

Advertisement

Hence, when Val Venis tried to take a dig at Maxwell Jacob Friedman on social media, the former World Champion responded by posting a screenshot of one of Cody Rhodes’ tweets from eight years ago, where he fired some serious shots at Disco Inferno. Maxwell was hinting that the same applied to Val Venis as well. Cody’s tweet read as follows:

“Stop. You know nothing. You have drawn 0 dollars. No fan has ever left a show thinking about you. You were lucky to be a juiced up double-lifer “over with the boys” type in an era where you hid in plain sight coasting on others’ success. Couldn’t hang then, can’t get booked now.”

Check out his tweet here:


MJF seemingly confirmed that Britt Baker is never returning to AEW

Britt Baker has been absent from AEW TV since November 2024. This has caused many fans to wonder if she will ever return to Tony Khan’s promotion.

A fan recently took to social media to say that he was bored of the current product. In response, MJF asked the fan to tune into the women’s division by highlighting several stars. He also mentioned that Mercedes Mone and Toni Storm will also be making their return soon. However, he omitted Britt Baker’s name from the list, indicating that she is not returning soon.

Advertisement

“@AEW Kris stat. Willow. Persephone. Megan bayne. Athena. Windsor. Jaime Hayter. Shafir. Maya world. Mina. Queen aminata. Skye blue. Thekla. Zayda steel. Red velvet. Hyan. Shida. Harley. Ana Jay. To name a few. Girls that will come back. Mercedes mone. Toni storm. Diamanté. Penelope ford. No big deal,” wrote Max.

It will be interesting to see what’s next for Britt Baker.