Several global investment firms, including Blackstone Inc. and Temasek Holdings Pte, are reportedly showing interest in acquiring the Indian Premier League (IPL) champion Royal Challengers Bengaluru (RCB) franchise.
RCB’s parent company, United Spirits Limited, which is owned by Diageo, initiated the sale process for the franchise in November last year. Other global private equity firms such as Advent International, PAG, and The Carlyle Group are also said to be evaluating bids for RCB.
The transaction is expected to value RCB between USD 1.4 billion and USD 1.8 billion. Indian conglomerates and high-profile individuals, including the JSW Group, Serum Institute of India CEO Adar Poonawalla, and Manipal Hospitals, have also expressed interest in acquiring the franchise.
Following RCB’s first-ever IPL championship victory last year, competition to buy the team has intensified. Adar Poonawalla recently posted on X (formerly Twitter):
Over the next few months, I will be submitting a strong and competitive bid for one of the best teams in the IPL, @RCBTweets.
If Blackstone or Temasek proceeds with an investment, it would mark the largest-ever foreign private equity investment in Indian sports. Until now, the biggest such deal was executed by European private equity firm CVC Capital Partners, which acquired the Gujarat Titans franchise in 2021 for USD 745 million, becoming the first private equity firm to fully own an IPL team. In February 2025, CVC sold 67% of its stake in the franchise to the Torrent Group for approximately USD 866 million.
Meanwhile, multiple investors have reportedly submitted first-round bids to acquire the Rain Group’s stake in the Rajasthan Royals franchise.
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