A group led by steel magnate Lakshmi Mittal and the Poonawalla family is set to acquire an Indian Premier League franchise for $1.65 billion, marking one of the largest sports franchise deals in Indian history.

What This Deal Signals

The $1.65 billion price tag is a sharp marker of how quickly IPL valuations have climbed. When the Board of Control for Cricket in India last sold new franchises in 2022, the two teams fetched a combined $1.69 billion — meaning a single team now commands roughly the same price as two did just three years ago.

Lakshmi Mittal, chairman of ArcelorMittal, the world's second-largest steelmaker, brings serious global capital to the table. The Poonawalla family is best known for running the Serum Institute of India, the world's largest vaccine manufacturer by volume. The combination of two prominent business dynasties signals that IPL ownership is increasingly seen as a prestige and strategic asset, not just a sports bet.

Why the Valuation Makes Sense

The IPL has grown into a media and sponsorship juggernaut. Its 2023 broadcast rights deal — split between Disney Star and Viacom18 — valued the league at roughly $6.2 billion over five years, placing it among the most valuable cricket properties globally. Franchise owners benefit from central media rights revenue, ticket sales, sponsorships, and a growing digital fan base both in India and among the Indian diaspora worldwide.

Owning an IPL team also provides soft influence: brand visibility across one of India's most-watched entertainment properties, access to a network of corporate sponsors, and growing merchandise and licensing revenue streams.

The specific team being acquired has not been detailed in available reports, and the deal's final regulatory approvals from the BCCI are still pending. Investors will watch whether the transaction closes at the stated price and whether it triggers a broader reassessment of valuations across other existing franchises, some of which were bought at considerably lower prices.

If the deal closes at $1.65 billion, it would reinforce a clear trend: IPL franchise values are compounding fast, and interest from India's wealthiest industrial families shows no signs of cooling.