Bengaluru, Feb 7 (.) Royal Challengers Bengaluru (RCB) has become the centre of a near USD 2 billion global bidding war after winning its first Indian Premier League (IPL) title in 2025, transforming the franchise’s image from underachiever to one of the league’s most valuable assets.
Long mocked for heartbreaks and near-misses despite boasting some of cricket’s biggest stars, RCB finally broke the jinx in 2025 by lifting their maiden Indian Premier League trophy. The triumph, swiftly followed by a second Women’s Premier League crown, has dramatically altered how the franchise is viewed, not just by fans, but by the world’s richest investors.
Riding on this surge in sporting and brand value, current owners Diageo, through United Spirits Ltd (USL), have formally initiated a sale process for Royal Challengers Sports Pvt Ltd (RCSPL), the entity that owns both the men’s and women’s RCB teams. What began as a strategic portfolio review has now snowballed into one of the most competitive ownership races Indian sport has seen.
In a regulatory filing, United Spirits described RCB as a “valuable and strategic asset” while clarifying that it is non-core to its alco-beverage business. The strategic review, being steered by investment bank Citi, is expected to conclude by March 31, 2026.
Media reports suggest the response has been overwhelming. More than 50 non-disclosure agreements have reportedly been signed, with close to double-digit non-binding bids submitted by the February 2 deadline. Valuations discussed range from about $1 billion to nearly $2 billion, placing RCB among the most expensive cricket franchises globally.
The bidding roster reads like a who’s who of Indian and global capital. Indian billionaires Dr Ranjan Pai of the Manipal Group and Serum Institute of India CEO Adar Poonawalla are among those who have submitted non-binding bids, alongside Swedish buyout firm EQT and Premji Invest. While Premji Invest is believed to be evaluating a majority stake, other suitors are said to be open to flexible structures and partnerships.
Global interest has added further intrigue. The most aggressive offer is believed to have come from the Glazer family, owners of English football powerhouse Manchester United, through Avram Glazer’s Lancer Capital, with a bid reportedly close to $1.8 billion. The Glazers already have exposure to cricket through the ILT20 champions Desert Vipers and had earlier tried to enter the IPL in 2021.
Private equity giants Blackstone and Carlyle are also understood to be evaluating the opportunity, while there is industry chatter around possible interest from the Qatar Investment Authority. A shortlist of bidders is expected to be finalised within the next couple of weeks, followed by detailed due diligence ahead of binding bids.
At the heart of RCB’s appeal lies a rare combination: a massive and loyal fan base, powerful sponsorship and merchandising revenues, and enduring association with icons such as Virat Kohli and Smriti Mandhana. Industry studies continue to rank RCB among the most valuable IPL brands, supported by predictable cash flows from long-term media rights and a salary cap that keeps costs in check.
The RCB sale is unfolding alongside parallel stake sale discussions at other IPL franchises, underlining the league’s emergence as a prime destination for global capital. But few stories capture the transformation better than Bengaluru’s own — from perennial punchline to billion-dollar prize, all triggered by one long-awaited title.
. . .