Rajasthan Royals Sold To Mittal Family, Adar Poonawalla For $1.65 Billion

NEW DELHI -Lakshmi N. Mittal, Executive Chairman of ArcelorMittal, and Aditya Mittal, Chief Executive Officer of ArcelorMittal, on May 3 announced that a definitive agreement has been reached to acquire the Rajasthan Royals franchise, in partnership with Adar Poonawalla, Chief Executive Officer of Serum Institute of India, from Manoj Badale and consortium.

Following completion of the transaction, the Mittal family will own approximately 75 per cent of Rajasthan Royals, with Adar Poonawalla holding around 18 per cent. The remaining approximately 7 per cent will be held by approved existing investors, including Manoj Badale, co-owner of Rajasthan Royals.

It is understood that the Kal Somani-led consortium, which had previously submitted a successful bid to acquire Rajasthan Royals, faced funding issues and was unable to complete the purchase.

Manoj Badale will continue to support Rajasthan Royals, acting as a bridge between the past and the present, and bringing his experience of cricket to the franchise.

In addition to the IPL team, Rajasthan Royals also owns Paarl Royals in South Africa and Barbados Royals in the Caribbean. The transaction, valued at approximately $1.65 billion, represents the enterprise value of Rajasthan Royals’ men’s franchise, Paarl Royals and Barbados Royals.

“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… Many great players have worn the Rajasthan Royals shirts, including Indian icons of the sport who have been an inspiration for the younger talent. I look forward to being part of this great team, and cannot wait to join all the fans pitch-side to cheer on our future success,” Mittal said.

Vanisha Mittal-Bhatia, business executive and daughter of Lakshmi N. Mittal, said, “Our family loves sport and we love India, and so to participate in the future success of the biggest cricket league in the world with the Rajasthan Royals is an honor and a privilege.”

Adar Poonawalla, Chief Executive Officer of Serum Institute of India, said, “I am delighted to partner with Aditya Mittal on this investment. Rajasthan Royals is a premier IPL franchise with a strong legacy, and I look forward to supporting its continued growth and long-term success.”

Manoj Badale, co-owner of Rajasthan Royals, said, “It has been the privilege of a lifetime to be involved with the Rajasthan Royals from inception, and to have played a small part in building what has become the world’s most exciting and successful cricket league. I am hugely grateful to the most important people — our fans, as well as our players, coaches and management teams — past and present — who have made this team what it is. We are delighted to welcome the Mittal family and Adar Poonawalla as the new owners of the Rajasthan Royals.”

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