RCB ownership race enters final stretch as binding bids land ahead of IPL 2026
The race to buy Royal Challengers Bengaluru has narrowed to its final stages. Two separate consortiums met the March 16 deadline for binding bids, and a deal is expected to close before March 31, just days after the IPL 2026 season opener on March 28.
United Spirits Limited, the Indian arm of British drinks giant Diageo, put its stake in Royal Challengers Sports Private Limited up for sale in November 2025. The entity controls both the men's and women's RCB teams. Diageo classified the franchise as a non-core asset, valuable but outside its primary business of selling alcohol.
Who is bidding?
One consortium is led by Ranjan Pai, chairman of the Manipal Group, working alongside American private equity firm KKR (Kohlberg Kravis Roberts, not the cricket team) and Singapore-based investment major Temasek. The other comes from Swedish private equity firm EQT.
EQT's involvement has pushed the expected valuation past $2 billion. Earlier non-binding bids had valued the franchise lower. Avram Glazer's Lancer Capital had tabled a non-binding offer of approximately $1.8 billion, and Adar Poonawalla, CEO of the Serum Institute of India, was also among earlier shortlisted bidders. Neither appears to have progressed to the binding stage.
Why RCB commands this price
The franchise won its maiden IPL title only in 2025, yet it had long been one of the league's most valuable properties even before that triumph. That is largely down to Virat Kohli. His 18-year association with the team has built a fanbase that stretches well beyond Bengaluru, and the brand value that comes with that loyalty is difficult to replicate. RCB's social media following dwarfs several rival franchises, and matchday revenue at the M. Chinnaswamy Stadium is consistently strong.
The timing of the sale adds urgency. RCB open IPL 2026 against Sunrisers Hyderabad on March 28 in Bengaluru. The Chinnaswamy recently received its safety clearance for the new season. Whoever takes over will inherit a franchise in the middle of a campaign, with all the operational complexity that entails.
What happens next
Diageo and its advisors are expected to evaluate the two binding bids over the coming days. If everything goes to plan, new ownership could be announced before the first ball of IPL 2026 is bowled. The sale would mark the biggest single franchise transaction in IPL history and another sign of the growing appetite for Indian cricket assets among global investors.
