A consortium featuring Indian and international business entities has secured complete ownership of the Royal Challengers Bengaluru franchise in a deal valued at approximately USD 1.78 billion (INR 16,660 crore). The transaction, described as an “all-cash” agreement, was confirmed by United Spirits Limited (USL), the current owner of the RCB teams in both the IPL and the WPL.
According to a media statement from USL, its board has cleared the sale of the franchise to a group comprising Aditya Birla Group, the Times of India Group, Bolt Ventures and Blackstone’s perpetual private equity strategy, BXPE. Following the agreement, both the men’s and women’s RCB teams — previously operated by USL subsidiary Royal Challengers Sports Private Limited — will now be “owned and operated” by the consortium.
The scale of the transaction underlines its significance, as the valuation surpasses the combined INR 12,715 crore (around USD 1.69 billion) paid by the BCCI in 2021 for the Lucknow and Ahmedabad IPL franchises. Notably, the consortium had not yet been formed in February, when at least eight prospective investors had made the shortlist for acquiring RCB, whose men’s and women’s sides currently hold the IPL and WPL titles respectively.
Last November, global beverage major Diageo — which owns USL in India — had informed the Securities and Exchange Board of India (SEBI) through regulatory filings that it was undertaking a “strategic review” of its investment in RCB. Diageo stated that cricket did not fall within its core business priorities and aimed to conclude the sale by March 31 this year.
Royal Challengers Bengaluru were among the original eight IPL teams launched in 2008 and were then the second-costliest franchise, purchased for USD 111.6 million by Vijay Mallya-owned United Breweries Group. In 2023, the franchise owners spent INR 901 crore (approximately USD 110 million) to acquire the Bengaluru team in the WPL, making it the third-most expensive among the five women’s sides.
More Read
In a joint statement, the new ownership group confirmed that Aryaman Birla — a former Madhya Pradesh batter and Rajasthan Royals squad member in the IPL — will serve as chairman, while Satyan Gajwani of the Times of India Group will take on the role of vice-chairman. The consortium said it was “proud to become custodians” of RCB.
“RCB’s championship-winning culture, its deep connection to Bengaluru, and one of the most passionate fanbases in world sport make this an extraordinary opportunity,” the statement read. “We are committed to taking RCB to new heights, on the pitch and beyond.”
Praveen Someshwar, managing director and CEO of USL, noted that RCB “has grown into the most prominent and commercially successful franchise” in both the IPL and WPL. “Guided by its ‘Play Bold’ philosophy and a strong competitive spirit, it has built a globally recognised brand and a passionate fan base,” he said. “We are excited for the future of RCB under the stewardship of the new owner. As Sports enters a new phase of growth in India & globally, we believe this is in the best interest of the franchise and our stakeholders.”
The acquiring consortium brings together investors with varied global portfolios. The Aditya Birla Group operates across sectors ranging from metals and cement to fashion and retail. Bolt Ventures is led by sports investor David Blitzer, who holds stakes in franchises such as Crystal Palace in the Premier League, the Philadelphia 76ers in the NBA, the New Jersey Devils in the NHL, the Washington Commanders in the NFL, the Cleveland Guardians in MLB and Real Salt Lake in MLS.
Blackstone, meanwhile, is the world’s largest alternative asset manager with interests spanning real estate, private equity, credit, infrastructure, life sciences, growth equity, secondaries and hedge funds. The Times of India Group, a major media house in India, also has ownership interests in teams in Major League Cricket and London Spirit in The Hundred.
