The architect of the Indian Premier League, Lalit Modi, has broken his silence on the blockbuster sale of the Rajasthan Royals, calling it a landmark moment for the sport.
In a deeply personal and emotional post on X (formerly Twitter), Modi expressed his immense pride as a consortium led by steel magnate Lakshmi Mittal and Serum Institute CEO Adar Poonawalla prepares to take the reins of the inaugural IPL champions in a deal valued at approximately $1.65 billion (₹15,660 crore).
A Proud Legacy and Savvy Investment
Modi, who was instrumental in the league’s inception in 2008, described the acquisition as “the best news one can think of for the IPL.” He praised the Mittal family and Poonawalla as “two of the most savvy investors,” noting that their entry into the league validates the global business stature of the tournament. For Modi, the deal represents a full-circle moment, seeing global titans embrace a property he helped build from the ground up nearly two decades ago.
The “Safest Hands” for the Future
The endorsement from the IPL founder carries significant weight, especially as the league navigates a new era of multi-billion dollar valuations. Modi noted that the league “could not have better owners,” asserting that with this transition, the IPL remains in “the safest of hands.” His comments reflect a broader sentiment in the cricketing world that the entry of institutional and industrial wealth of this scale ensures the long-term stability and growth of the franchise model.
Historic Valuation and Growth
The deal, which is expected to be finalized by the third quarter of 2026, marks a staggering return on investment for the original owners, who bought the team for $67 million in 2008. Pending approvals from the BCCI and the Competition Commission of India, the Mittals are expected to hold a majority 75 percent stake, with Poonawalla holding 18 percent. This acquisition not only sets a new benchmark for IPL team valuations but also signals the league’s solidified status as a premier global sporting asset.