Goa, May 3 -- In one of the biggest ownership moves in the Indian Premier League, the Rajasthan Royals are set to be acquired by a powerful consortium led by the Mittal family in partnership with Adar Poonawalla.

The deal, valued at approximately USD 1.65 billion (Rs.15,660 crore), will see steel magnate Lakshmi N. Mittal and Aditya Mittal take controlling ownership of the franchise from current stakeholders, including Manoj Badale.

The acquisition also covers the Royals' broader global cricket footprint, including teams in South Africa and the Caribbean. Once completed-likely in the third quarter of 2026, subject to approvals from the BCCI, IPL Governing Council and the Competition Commission of India-the Mittal family is expected to h...