A landmark deal that could redefine cricket franchise economics is nearing its conclusion. According to a report by Indian Express, the sale of Royal Challengers Bengaluru (RCB) has entered its final stage, with valuations expected to hover around US$ 2 billion.
The Bengaluru-based franchise, owned by Diageo through United Spirits, has progressed to a decisive phase after receiving binding bids from two remaining contenders. With the process tightening, the focus has now shifted firmly to final price discovery and ownership transition timelines.
Two bidders remain as process narrows sharply
After initially attracting interest from at least five potential investors, the bidding pool has now been reduced to two serious contenders. According to Indian Express, Swedish private equity firm EQT has submitted a substantial bid, positioning itself as a leading candidate.
Competing against EQT is a consortium led by Manipal Group’s Ranjan Pai, alongside global investment heavyweights Kohlberg Kravis Roberts & Co (KKR) and Temasek.
Several high-profile suitors have exited the process along the way. The Glazer family, co-owners of Manchester United, and Serum Institute Chief Executive Adar Poonawalla are no longer in contention after earlier expressing interest.
Valuation expectations centre around US$ 2 billion mark
RCB’s valuation has become the central point of negotiation, with Diageo targeting a figure close to US$ 2 billion. EQT is understood to have aligned its bid within that range, while competing offers are also being evaluated against this benchmark.
Investor caution around reaching that level is partly linked to uncertainty surrounding the next Indian Premier League media rights cycle, which may not see the same exponential growth as previous cycles. Even so, a deal near US$ 1.8 billion would still represent a significant jump from past transactions.
For context, when RPSG Group acquired Lucknow Super Giants in 2021, the franchise was valued at approximately US$ 850 million—highlighting the sharp escalation in IPL franchise pricing within a short span.
Glazer bid signalled strong early valuation benchmark
As previously reported by cricexec, Avram Glazer had submitted a bid of approximately US$ 1.8 billion for Royal Challengers Bengaluru, underlining the scale of global investor interest in the asset.
That bid formed part of a broader wave of international capital targeting IPL franchises, with private equity firms and strategic investors viewing the league as a premium long-term sports investment opportunity.
Despite that early momentum, the Glazers ultimately did not proceed to the binding bid stage, leaving the current two contenders to drive the process forward.
Timeline set for exclusivity and ownership transition
With binding bids now in place, the sale is expected to enter an exclusivity phase where Diageo will evaluate both offers in detail. Market participants indicate that this stage could take between 45 and 90 days to conclude.
RCB has set an internal deadline of March 31 to finalise the deal structure, after which regulatory processes—including informing the Board of Control for Cricket in India—will follow.
While the agreement could be signed earlier, the full transition to new ownership is likely to extend into the latter part of the year, with a new owner potentially in place by September or October.
IPL valuations continue upward trajectory
The RCB sale process is unfolding alongside a broader recalibration of IPL franchise valuations. Rajasthan Royals are also exploring a potential transaction, having attracted multiple binding bids in the range of US$ 1.1 billion to US$ 1.35 billion.
The Royals’ ownership group, led by Manoj Badale’s Emerging Media IPL Ltd, is understood to be open to both majority and full-sale scenarios. Investors including the Aditya Birla Group and US-based David Blitzer have emerged as key participants in that process.
Unlike RCB, however, Rajasthan Royals are not operating under a strict deadline, allowing for a more flexible negotiation timeline.
A defining moment for IPL’s financial landscape
The outcome of the RCB sale is expected to set a new benchmark for cricket franchise valuations globally. Crossing the US$ 2 billion threshold would firmly position the IPL alongside the most valuable sports leagues in the world.
With global private equity firms and institutional investors competing for limited franchise assets, the league’s commercial model—driven by centralised revenues, media rights, and strong fan engagement—continues to attract unprecedented levels of capital.
As the final decision approaches, the RCB transaction is shaping up to be one of the most consequential deals in the history of cricket’s business ecosystem.
