After Royal Challengers Bengaluru, another top IPL team may be up for sale, if a report is to be believed. In fact, two mega conglomerates are reportedly pitted against each other to buy stakes in Rajasthan Royals. The 2008 IPL champions have, over the years, gained a reputation for being a side that regularly punches above its weight. British-Indian businessman Manoj Badale is the lead owner of the Royals.
According to a report in Moneycontrol, quoting sources, the promoter family of global steel giant ArcelorMittal, led by CEO Aditya Mittal, is “evaluating a buyout of the IPL franchise, potentially pitting them against the likes of the Aditya Birla Group-David Blitzer consortium and other suitors who have come together to submit joint bids.”
“After picking up a stake in NBA team Boston Celtics as part of a consortium, the Mittal family is keen on bolstering its sports portfolio with a prized India asset and feels this is a good opportunity. They are bullish on this space as a group,” the report quoted a source as saying on the condition of anonymity. The report added that two other persons confirmed the development.
“Post due diligence, the deadline for submission of binding bids for Rajasthan Royals lapsed in the early hours of March 17. At least four parties have submitted proposals,” the report quoted another source as saying.
No official response from Rajasthan Royals or ArcelorMittal was included in the report.
Meanwhile, the sale of IPL franchise Royal Challengers Bengaluru (RCB) is entering its final stages, with two parties emerging as the final contenders, according to a report by The Indian Express. The report claimed that a significant bid was placed by Swedish private equity firm EQT.
The other party in the race to buy the IPL 2025 champions is a consortium involving Ranjan Pai of Manipal Hospitals, US private equity firm Kohlberg Kravis Roberts & Co. (KKR), and Singapore-based investment group Temasek. While there were multiple parties initially interested in the deal, the likes of the Glazers-co-owners of Manchester United-and Adar Poonawalla backed out of the race.