Steel tycoon in the latest development Lakshmi Mittal officially announced that he received Rajasthan Royals. Jaipur based franchise, one of the original teams Indian Premier League (IPL)was bought for a whopping USD 1.65 billion (approximately INR 15,660 INR), making it one of the highest profile deals in IPL history.
The announcement came as a big surprise, especially since it was led by a US-based consortium Kal Somaniwith support from Rob Walton and The Ford family– believed to have recently secured ownership. The sudden change highlights the intense competition and high stakes involved in owning a franchise in the world’s richest cricket league.
Consortium structure and ownership details
Under the new deal, the Mittal family will hold a dominant 75 percent stake in the franchise, placing them as key decision makers. Adar PoonavallaRepresenting Serum Institute of India will hold 18 per cent stake, while the remaining 7 per cent stake will remain with existing investors, including the former lead owner. Manoj Badal.
Interestingly, Badale, who has played a crucial role in shaping the franchise over the years, will continue to be associated with the team, albeit with a reduced stake. This continuity can help provide stability during the transition phase.
Strong Rajasthani roots add emotional value to Lakshmi Mittal
The acquisition carries a personal touch for Mittal, whose roots stretch back to Sadulpur in northern Rajasthan. Having grown up in the area, the deal is seen not only as a business move, but also as a homecoming of sorts. His deep connection with the state is expected to further strengthen the identity of the franchise and the connection of fans in the region.
Several leading global consulting firms were involved in the high-value operation. The buyer consortium was led by legal experts Latham & Watkins LLP, Cyril Amarchand Mangaldas and Trilegal, while Goldman Sachs provided financial advice and Price Waterhouse & Co LLP oversaw the tax structure.
On the seller’s side, Raine Group managed the sale process and acted as commercial advisor, Deloitte as financial advisor and EY as tax advisor. Legal support was provided by Macfarlanes LLP and AZB Partners. The scale and complexity of the deal highlights the growing financial complexity associated with IPL franchises.
In the ongoing season, RR has been making headlines with their impressive performances. A teenage sensation Vaibhav Suryavanshi He emerged as a key star in the Royals’ strong push toward the playoffs.
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