Rajasthan Royals’ $1.65bn takeover signals IPL’s next era of mega-ownership

Steel magnate Lakshmi Mittal has led a $1.65 billion consortium purchase of the Rajasthan Royals, with the Mittal family taking a controlling stake and Adar Poonawalla set for a significant minority holding. The deal underlines how IPL franchises are increasingly being valued—and run—like global sports conglomerates rather than standalone teams.