A significant acquisition in the world of franchise cricket has moved closer to completion, as a consortium spearheaded by the Lakshmi Mittal family and Adar Poonawalla has secured approval from the Competition Commission of India (CCI). This regulatory green light paves the way for their takeover of the Rajasthan Royals, an Indian Premier League (IPL) team, along with its sister franchises, the Paarl Royals in South Africa's SA20 league and the Barbados Royals in the Caribbean Premier League (CPL).
The deal, announced earlier this year, carries an enterprise value of approximately $1.65 billion (around ₹15,838.63 crore). The CCI's approval, issued on September 17, marks a crucial step in the transaction, which will see the Mittal family, through their UK-registered investment vehicle Westview Cricket Limited, acquire a controlling stake of about 75% in the franchise group. Adar Poonawalla, an executive at Serum Institute of India (SII), will hold approximately 18% via Poonawalla Sports and Fitness Private Limited, with existing investors, including Manoj Badale, retaining the remaining 7%.
Expanding Global Cricket Footprint
This acquisition extends beyond just the IPL team, encompassing the wider Royals franchise network across three major cricket markets. The Paarl Royals compete in South Africa’s premier domestic T20 competition, while the Barbados Royals are a prominent team in the CPL. This strategic move is set to establish the Mittal family as a major stakeholder in international franchise cricket.
The reported enterprise value of $1.65 billion highlights the growing investment interest in global T20 leagues. This transaction follows the collapse of a previous proposal involving a US investor alliance, which had valued the franchise group slightly lower at around $1.63 billion.
Remaining Hurdles and Future Impact
While the CCI's decision addresses a key competition-law requirement, the acquisition is still subject to other necessary approvals and closing conditions. These include clearances from the Board of Control for Cricket in India (BCCI) and the IPL Governing Council.
Upon its finalization, the deal will signify a major entry into professional cricket for the Mittal family, further cementing the increasing involvement of prominent Indian business groups in the global landscape of T20 leagues.
Who is Lakshmi Mittal?
Lakshmi N. Mittal, an Indian-born steel magnate, is the executive chairman of ArcelorMittal, one of the world's largest steel producers. Born in Sadulpur, Rajasthan, in 1950, Mittal built his global empire through strategic acquisitions and turnarounds of steel plants worldwide. He is renowned for his extensive investments across manufacturing, infrastructure, and sports, maintaining his status as one of India's most influential business figures despite spending much of his professional career internationally.