The sale of Royal Challengers Bengaluru has reached its final stage with two binding bids on the table, as the March 31 deadline set by current owner Diageo’s United Spirits draws close.
The franchise is being valued at around $2 billion, making it one of the most expensive sports transactions in Indian history.
EQT and a Three-Party Consortium Are the Last Two Standing
Swedish private equity firm EQT and a consortium of Ranjan Pai of Manipal Hospitals, US private equity giant KKR, and Singapore’s Temasek are the two parties that submitted binding bids before Monday’s deadline. At least five parties had initially shown interest, but the field thinned considerably as the deadline approached.
The Glazer family, co-owners of Manchester United, and Serum Institute chief Adar Poonawalla both pulled out before submitting binding bids. The Glazers had earlier placed a non-binding offer of $1.8 billion. EQT’s binding bid is understood to be in the region of $2 billion, matching the price the sellers have been targeting.
Sale Will Not Close by March 31
Despite Diageo setting a March 31 deadline to finalize the deal, the timeline has already slipped. The sale process now moves into an exclusivity phase where the seller will assess both bids before choosing a preferred party. That evaluation alone is expected to take between 45 and 90 days.
Once a preferred bidder is selected, the deal must still be reported to the Board of Control for Cricket in India, a mandatory step before any change in franchise ownership is officially recognized. The realistic window for a new owner to be in place is September or October 2026.
The $2 Billion Valuation Has Scared Off Buyers
The asking price has been the central obstacle throughout the process. Several interested parties declined to match the $2 billion figure, with concerns focused on the next IPL media rights cycle. Unlike the current deal, which delivered a significant windfall for franchise owners, the next round of negotiations is not expected to produce a comparable jump in value.
For context, RPSG Group bought Lucknow Super Giants for approximately $850 million in 2021. Even a final sale price of $1.8 billion for RCB would be more than double that figure, reflecting how sharply IPL franchise values have risen over the past four years.
There are also unconfirmed reports that EQT could bring in an Indian partner to finalize its bid structure, a common arrangement in IPL transactions given domestic regulatory considerations.
RCB Is One of the IPL’s Most Marketable Franchises
Part of what justifies the high valuation is RCB’s commercial footprint. The franchise carries one of the largest fanbases in the league, driven significantly by Virat Kohli’s association with the team.
RCB ended an 18-year wait for a title when it won the IPL championship in 2025, adding to its commercial momentum heading into this ownership transition.
Rajasthan Royals Are Also in Play
While RCB dominates the headlines, Rajasthan Royals are running a parallel sale process that has drawn at least three binding bids ahead of its own March 16 deadline. The Aditya Birla Group, which has teamed up with US investor David Blitzer, is considered the frontrunner. A second consortium and a major Indian media house are also in contention.
The Royals’ sale is being handled by Raine Group, which previously managed the sales of Manchester United and Chelsea in football and oversaw franchise transactions in The Hundred.
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Royals Open to Full Sale as Bids Come in Around $1.3 Billion
The ownership of the Rajasthan Royals is split across multiple stakeholders. Manoj Badale’s Emerging Media IPL Ltd holds 65 percent, RedBird Capital Partners owns 15 percent, Lachlan Murdoch holds 13 percent, and individual investors hold the remaining 7 percent. The franchise was initially looking to offload only a majority stake, but is now open to a complete sale.
Bids have come in between $1.1 billion and $1.35 billion. Unlike the RCB process, there is no hard deadline pressuring the Royals to close quickly, giving the sellers room to negotiate without urgency. A valuation near $1.3 billion would be seen as a strong outcome for a franchise that has historically struggled to build a consistent home base and loyal local following.
Both deals, once completed, will mark a significant shift in the ownership landscape of the IPL and further confirm the league’s status as one of the most valuable sporting competitions in the world.
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