The Competition Commission has given the green light for industrialist Lakshmi N. Mittal, his son Aditya Mittal, and Adar Poonawalla to acquire three professional cricket franchises – Rajasthan Royals (India), Paarl Royals (South Africa), and Barbados Royals (Barbados). The transaction, valued at approximately USD 1.65 billion, will be carried out by Westview Cricket Ltd and Poonawalla Sports and Fitness Pvt Ltd.
Westview Cricket, owned by the Mittal family, and Poonawalla Sports, owned by Adar Cyrus Poonawalla, are the entities making the purchase. EM Sporting Holdings Ltd, a Mauritius-based company, is the holding company for Royal Multisport Pvt Ltd (RMPL), Paarl Royals Ltd, and Barbados Royals Ltd. RMPL owns and operates the Rajasthan Royals franchise, which competes in the Indian Premier League T20 tournament.
The Competition Commission of India’s approval was a necessary step for the acquisition to proceed, as deals above a certain threshold require CCI approval. The official announcement of the approval was made on Thursday, with the deal set to be finalized. This development marks a significant move in the world of cricket ownership, as prominent figures in the business and sports industries come together to acquire these prestigious franchises. The deal is expected to have a major impact on the cricketing landscape, with the involvement of these high-profile individuals. The acquisition is scheduled to be completed in the near future, with the parties involved looking forward to the new chapter in their cricketing ventures.
Follow Franchise Cricket for more IPL news.
