A consortium of Lakshmi N Mittal, Aditya Mittal and Adar Pooonawala has acquired the IPL franchise Rajasthan Royals and its sister entities (Paarl Royals and Barbados Royals) for approximately $1.65 billion, TOI has learnt. A press release to the effect is expected to follow soon.After regulatory checks including approvals from the BCCI, the Competition Commission of India (CCI), the IPL Governing Council, the Mittal Family will own approximately 75 percent of the franchise, Poonawala 18 percent and the remaining approximate 7 percent by existing investors, including the current owner Manoj Badale. The deal is expected to conclude in the third quarter of 2026.ArcelorMittal’s Lakshmi N. Mittal, Aditya Mittal, Vanisha Mittal-Bhatia, Adar Poonawalla (CEO of the Serum Institute of India) and Manoj Badale will join the board of The Rajasthan Royals. On March 21, a Kal Somani-led consortium had emerged frontrunners to own the franchise for $1.63 billion (£1.2 billion) but that effort hit a snag after being unable to raise the required funds, regulatory uncertainties and structure of buyers of consortium for the IPL franchise.The Somani-backed consortium featured American businessman Rob Walton, of the Walmart family, and the Hamp family that also has majority stakes in NFL’s Detroit Lions. Sheila Ford Hamp is also part of the Ford family that holds a significant stake in Ford Motor Company.Rajasthan Royals are currently owned by Manoj Badale’s Emerging Media Ventures, which holds 65 per cent stake in the franchise, with minority investors including American investment management firm RedBird Capital Partners (around 15 per cent stake) and Fox Corporation’s Lachlan Murdoch, among others.