Goa, May 3 -- The Indian Premier League's evolving ownership landscape has witnessed another major development, with the Rajasthan Royals confirming a proposed change in control valued at approximately USD 1.65 billion (around Rs.15,660 crore).

The franchise will be acquired by a consortium led by the Mittal Family, headed by steel tycoon Lakshmi N. Mittal and Aditya Mittal, in partnership with Serum Institute of India CEO Adar Poonawalla. The group will purchase the team from existing owners, including Manoj Badale and other investors.

The valuation includes the franchise's global cricket assets, such as the IPL team, Paarl Royals in South Africa, and Barbados Royals in the Caribbean. The deal is expected to close in the third quarter ...