The sale of RCB enters its final stages as the EQT and Pai-led consortium remain, while the Glazers and Poonawalla exit the high-profile IPL bidding race.
After the blockbuster clash of international sportsmen, the sale process of Royal Challengers Bengaluru (RCB) has entered its final phase.
At least five groups have expressed interest initially, but two main bids remain: Swedish private equity firm EQT and a consortium including Ranjan Pai of Manipal Hospitals, American private equity firm KKR and Singapore’s Temasek. A consortium of Aditya Birla Group and Blackstone CEO David Blitzer, who also owns the New Jersey Devils ice hockey team, is reportedly circling RCB, according to Moneycontrol.
Other high-profile competitors—including the Glazer family, owners of Manchester United, and Serum Institute CEO Adar Poonawalla—have withdrawn. Lancer Capital, the Glazers’ investment vehicle, has previously made a non-binding offer of $1.8 billion, and Poonawalla had indicated he was serious on social media before exiting the race.
In addition, Glazer’s bid targeted the acquisition of Royal Challengers Sports Private Limited (RCSPL), a wholly owned subsidiary of Diageo’s United Spirits Limited, which owns both the RCB IPL men’s team and the women’s premier league team.
High Level Bidding War
Glazer faced stiff competition from other elite bidders. In addition to EQT and Pai, other private equity firms have shown interest, including Premji Invest, Blackstone, and Carlyle. Poonawalla, the Times of India Group, non-banking financial firm Capri Global, and American tycoon Sanjay Govil, who owns Major League Cricket’s Washington Freedom and Welsh Fire in the Hundred, are also considering buying RCB.
RCB’s attraction since winning the 2025 IPL title, Virat Kohli’s global fame, more than 100 million fans, $14.8 million in funding for the 2025 financial year, and the highest IPL revenue of $269 million.
This opens up $55 million/year in guaranteed media revenue, the ability to double to triple within five years, and untapped US digital licensing.
This growth is fueled by the IPL’s $18.5 billion ecosystem, a 15% compound annual growth rate, and a $6.2 billion media rights cycle (2023-27).
The major strategic restructuring of Diageo’s United Spirits within the company to focus on its main alcohol business and divestment from non-core non-sports goods, began this noise in November 2025 with the sale process of the full RCSPL managed by Citigroup, which has more than 50 non-disclosure agreements (legal agreements preventing the disclosure of confidential information), sharing confidential information intended for disclosure. closes March 31.
In 2021, Glazer bid for Ahmedabad/Lucknow IPL teams but failed, heading for Desert Vipers (ILT20 UAE) in 2022. Meanwhile, Glazer’s ambitions extend beyond RCB, joining Capri Global, tech entrepreneur Kal Somani, Sanjay Govil, and the Times of India Royalcquirings in another group, the IPL show. a broad wave of consolidation of the IPL into the richest cricket game, and the second richest sports league by revenue, after the National Football League.
