Indian steel magnate Lakshmi N Mittal and family, alongside vaccine billionaire Adar Poonawalla, have struck a US$1.65 billion (HK$12.87 billion) deal for Indian Premier League franchise Rajasthan Royals.
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, a joint 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. Rajasthan have not won a trophy since 2008.
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.
AGENCE FRANCE-PRESSE
𝗗𝗼𝘄𝗻𝗹𝗼𝗮𝗱 𝗧𝗵𝗲 𝗦𝘁𝗮𝗻𝗱𝗮𝗿𝗱 𝗔𝗽𝗽 ↓
