Mittal family acquires Rajasthan Royals for $1.65 billion. Steel magnate Lakshmi N. Mittal's family has signed a definitive agreement to acquire the IPL cricket franchise in partnership with Adar Poonawalla. The Mittal family will own approximately 75% of the franchise, while Poonawalla holds about 18%. Aditya Mittal, CEO of ArcelorMittal, will lead the initiative and join the board alongside Lakshmi Mittal, Vanisha Mittal-Bhatia, and Adar Poonawalla. The transaction includes overseas teams Paarl Royals in South Africa and Barbados Royals in the Caribbean. This deal represents one of the largest IPL franchise transactions, reflecting the rising valuation of premium sports assets within the world's richest cricket tournament.