Jaipur, May 3 -- Lakshmi Narayan Mittal and Aditya Mittal on Sunday announced that a definitive agreement has been reached to acquire the IPL franchise Rajasthan Royals, in partnership with Adar Poonawalla, from Manoj Badale-led consortium of investors.

Following completion, the Mittal Family will own approximately 75% of Rajasthan Royals, with Adar Poonawalla holding approximately 18%. The remaining approximately 7% will be held by approved existing investors, including Manoj Badale, according to a press release from Rajasthan Royals.

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

In addition to the IPL t...