Cyril amarchand

IPL Governing Council: Lakshmi N. Mittal and Aditya Mittal on Sunday announced a definitive agreement has been reached to acquire the Rajasthan Royals, in partnership with Adar Poonawalla, from Manoj Badale and consortium.

Following completion, the Mittal Family will own approximately 75 per cent of Rajasthan Royals, with Adar Poonawalla holding approximately 18 per cent. The remaining approximately 7 per cent will be held by approved existing investors, including Manoj Badale.

It is understood that the Kal Somani-led consortium, who previously had a successful bid to acquire RR, ran into getting funding issues to complete the purchase and their deal fell through.