Indian steel magnate Lakshmi N Mittal and family, alongside vaccine billionaire Adar Poonawalla, have struck a $1.65 billion deal for Indian Premier League franchise Rajasthan Royals, a joint statement said on Sunday.
The IPL is the world's richest cricket tournament and mixes sport and show business in a glitzy format. It is broadcast around the world and features top international stars, with some teams fronted by Bollywood superstars.
The Mittal family will own about 75 percent of the franchise following completion, with Poonawalla holding around 18 percent, the statement said.
The remainder will stay with approved existing investors, including seller Manoj Badale.
As well as the IPL team, Rajasthan Royals also owns Paarl Royals in South Africa and Barbados Royals in the Caribbean.
"The transaction consideration is approximately $1.65 billion and represents the enterprise value of Rajasthan Royals' men's franchise, Paarl Royals and Barbados Royals," the statement said.
Rajasthan have not won a trophy since 2008, when late Australian great Shane Warne led them to the inaugural title.
"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 said in a statement.
Poonawalla said he looked forward to supporting the franchise's long-term growth.
"Rajasthan Royals is a premier IPL franchise with a strong legacy," he said.
Badale, who has been involved with the Royals since their inception, will remain a shareholder and join the board alongside the new investors.
"We are delighted to welcome the Mittal Family and Adar Poonawalla as the new owners of the Rajasthan Royals," he said.
"Their passion for cricket, their connection to Rajasthan and India, and their long-term ambition for the franchise make them ideal custodians."
The announcement comes after a group of investors, including US asset management giant Blackstone, bought reigning IPL champions Royal Challengers Bengaluru for $1.77 billion in March.
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The IPL is a top revenue earner for the Board of Control for Cricket in India and was estimated in 2020 to generate more than $11 billion a year for the Indian economy.