India, May 3 -- The sale is officially done. Rajasthan Royals, the inaugural champions of the Indian Premier League (IPL), have been acquired by the Mittal Family in association with Adar Poonawalla. Lakshmi N Mittal and Aditya Mittal on Sunday confirmed that a definitive agreement had been reached to acquire the franchise, made possible through a partnership with Poonawalla, the previous owner, Manoj Badale, and a consortium. The transaction will be worth approximately USD 1.65 billion.

The Mittal family will now own 75 per cent stake in the Royals, while Poonawalla will hold approximately 18 per cent. Existing investors, including Badale, will hold the remaining 7 per cent. Badale will continue supporting the Royals, acting as a bridge...