RR sold for ₹15,660 crore: After $18 billion valuation, IPL continues to mint money

The buyout of the Rajasthan Royals is only another confirmation of how Indian cricket has truly gone global. On Sunday, the team that won the inaugural Indian Premier League (IPL) in the first season back in 2008, saw steel magnate, Lakshmi Niwas Mittal and his son Aditya Mittal, through their family office, pick up a 75% stake in the team.

Don't Miss: Rajasthan Royals sold: Lakshmi Mittal family teams up with Adar Poonawalla to buy RR in ₹15,660 crore deal

Another 18% will be held by Adar Poonawalla, CEO, Serum Institute of India, and Chairman, Poonawalla Fincorp. The deal has been struck at $1.65 billion (approximately ₹15,660 crore), with the sellers being businessman Manoj Badale and a consortium led by him.

This comes just a month after a consortium led by the Aditya Birla Group acquired 100% of Royal Challengers Bengaluru (RCB) for $1.78 billion (around Rs 16,660 crore). A report put out by Kotak Mutual Fund in April valued the IPL at $18 billion.

Must Watch: RCB & Rajasthan Royals Deals Reset IPL Valuations | CSK Upside, WPL Impact

Specifically, on Rajasthan Royals, an investor group led by Kal Somani, with the likes of Rob Walton, one of the heirs to the Walmart fortune, and Sheila Ford Hamp, principal owner of the NFL Franchise, Detroit Lions, made a $1.63 billion bid to acquire the franchise in March. Since then, there have been multiple complexities in the transaction, including that of raising capital and a legal dispute involving Raj Kundra, who was once a minority investor.

The statement released on Sunday said the other 7% – post Mittal and Poonawala coming aboard – will be held by “approved existing investors, including Manoj Badale”, who will now exit most of his holding.

For Poonawala, this will be the second investment in the sphere of entertainment after he picked up a 50% stake in film producer Karan Johar’s Dharma Productions for Rs 1,000 crore in October 2024.

Other prominent corporate entities that own IPL teams include the Mumbai Indians (Reliance Industries), Gujarat Titans (Torrent Group), Sunrisers Hyderabad (Sun TV Network), and Delhi Capitals (GMR Group and JSW Sports).