New Delhi, May 4 -- Renowned industrialist Lakshmi N Mittal and his son Aditya Mittal, along with Adar Poonawalla, have acquired a majority stake in Rajasthan Royals with a bid of $1.65 billion after the Kal Somani-Rob Walton-Sheila Ford Hamp consortium pulled out of the race. The transaction consideration $1.65 billion represents the enterprise value of Rajasthan Royals' men's franchise, Paarl Royals and Barbados Royals. Completion is subject to customary closing conditions, including approvals from the BCCI, the CCI, the IPL Governing Council and other applicable regulatory authorities. The deal is expected to close in third quarter (Q3) of 2026. Earlier, the US-based consortium led by Somani had offered USD 1.63 billion but as per sources it didn't pass due diligence due to multiple issues. "Lakshmi N Mittal and Aditya Mittal today announce that a definitive agreement has been reached to acquire the Rajasthan Royals, in partnership with Adar Poonawalla, from Manoj Badale and consortium," a press release issued by Mittal family stated. As per the release, the Mittal family will own approximately 75 per cent of Rajasthan Royals, with Adar Poonawalla holding around 18 per cent. The remaining approximately 7 per cent will be held by approved existing investors, including Manoj Badale. The restructured Rajasthan Royals board will comprise Lakshmi N. Mittal, Aditya Mittal, Vanisha Mittal-Bhatia, Adar Poonawalla and Badale. "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," the release stated. In addition to the IPL team, Rajasthan Royals also owns Paarl Royals in South Africa and Barbados Royals in the Caribbean. Lakshmi N Mittal, who was born in Sadulpur in North of Rajasthan, said, "I love cricket and my family is from Rajasthan, so there is no IPL team that I would rather be part of than the Rajasthan Royals."...