A major controversy has emerged over the sale of IPL franchise Rajasthan Royals, with reports of a potential legal challenge to the high-profile ownership deal.
According to media reports, a consortium comprising businessman Lakshmi Mittal, Aditya Mittal and Adar Poonawalla has finalized an agreement to acquire the franchise along with its sister teams.
However, the deal has now run into fresh complications after a US-based group led by Kal Somani reportedly prepared to challenge the agreement in court.
Media reports said the group has already begun consultations regarding legal and media strategy, while formal legal notices could be issued soon.
The group previously included several prominent investors, and the growing dispute may eventually require intervention from the Board of Control for Cricket in India (BCCI).
Under the reported agreement, the overall valuation of Rajasthan Royals has been set at $1.65 billion, equivalent to approximately INR 156.6 billion.
As per the deal structure, the Mittal family will hold a 75 percent stake in the franchise, while Adar Poonawalla will own 18 percent shares. The remaining 7 percent stake will stay with existing shareholders, including franchise founder Manoj Badale.