Lakshmi Mittal Takes Over Rajasthan Royals: A New Era in IPL
Major Shift in IPL Ownership
A significant change has occurred in the IPL landscape as Lakshmi Niwas Mittal, a renowned steel magnate and billionaire of Indian origin, has taken charge of the Rajasthan Royals alongside his family. This official announcement made on Sunday has stirred excitement not only in the sports community but also in business circles.
Details of the Acquisition
Led by Lakshmi Mittal and Adar Poonawalla, CEO of Serum Institute of India, the consortium has acquired the Rajasthan Royals for an impressive valuation of approximately $1.65 billion. The Mittal family will hold a 75% majority stake in the franchise, while Poonawalla will possess an 18% share, leaving the remaining 7% to existing investors, including Manoj Badale. This deal also encompasses the Indian team, along with South Africa's Paarl Royals and Barbados Royals from the Caribbean.
Who is Lakshmi Mittal?
Born in Sadulpur, Rajasthan, Lakshmi Mittal is famously known as the King of Steel. He serves as the Executive Chairman of ArcelorMittal, the world's second-largest steel and mining company, which operates across numerous countries and generates an annual revenue of around $68 billion. Additionally, he is the chairman of Aperam, a stainless steel manufacturing company.
Lakshmi Mittal's Net Worth
According to real-time data from Forbes, Lakshmi Mittal's net worth is estimated at approximately $28.4 billion, placing him among the top 10 richest individuals in India. Mittal has a longstanding connection with sports, holding a stake in the English football club Queens Park Rangers and supporting athletes through the Mittal Champions Trust in India.
A Personal Connection to Rajasthan
Expressing his emotional connection to the acquisition, Mittal stated, "I hail from Rajasthan, and cricket has always been my passion. Therefore, there couldn't be a better team for me than the Rajasthan Royals." His daughter Vanisha Mittal Bhatia and son Aditya Mittal will also join the team's board.
Significance of the Deal
In recent months, there were speculations about American investors Kal Somani and Walmart's Rob Walton potentially purchasing the Rajasthan Royals, but that deal fell through due to funding issues at the last moment. The entry of the Mittal family not only secures the franchise in Indian hands but also reinforces the growing global stature of the IPL. This transaction is expected to be finalized by the third quarter of 2026, pending all formal approvals.