Lakshmi N. Mittal and his son Aditya Mittal, along with Adar Poonawalla, acquired a majority stake in IPL franchise Rajasthan Royals for USD 1.65 billion (approximately Rs 15,600 crore) after the Kal Somani-led consortium pulled out of the race.
Renowned industrialist Lakshmi N. Mittal and his son Aditya Mittal, along with Adar Poonawalla, acquired a majority stake in IPL franchise Rajasthan Royals for USD 1.65 billion (approximately Rs 15,600 crore) after the Kal Somani-led consortium pulled out of the race. However, the sale may run into legal trouble, according to a report by Cricbuzz. The report claims that the Kal Somani-led consortium is gearing up for a legal battle. “We have had calls this morning with legal and PR in the USA. We are deciding on our PR. A legal letter will be sent today,” said a source close to Somani. The source also stated that a letter will be sent to the Board of Control for Cricket in India (BCCI) regarding the deal. The consortium is considering whether to go public with the controversy. “We will discuss it with our group if we are going to go public on the matter since litigation will be involved,” the source added.
“We had queries such as whether the BCCI dues were paid. We wanted to know the status of legal cases. There were hundreds of such questions. From our end, we have been ready to close for 10 days. There was a deliberate delay and then side dealings.”
“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.” Mittal’s son Aditya said: “The Royals is well known for developing new talent – that resonates deeply with me, and we are determined that legacy will continue, harnessing the best of talent in the world for future success.
