Royal Challengers Bengaluru (RCB) owner Diageo has reportedly begun the sale process for the Indian Premier League (IPL) franchise, with the defending champions potentially valued at up to US$2 billion.
According to a report by Sportico, sale documents have been circulated for RCB, although the deadline for bids has not yet been disclosed. Diageo, which owns the team through its Indian subsidiary United Spirits, has appointed Citigroup as financial advisor for the process.
Last month, Adar Poonawalla, Chief Executive Officer of the Serum Institute of India (SII), publicly stated on X that he intends to bid for RCB. However, it has not been confirmed whether a formal offer has been submitted.
Diageo has been evaluating strategic options for its ownership of RCB since mid-2025, including the possibility of selling either a partial or full stake in the franchise.
RCB claimed their first-ever IPL title last season. The team was originally purchased in 2008 by Vijay Mallya, then chairman of United Spirits, for US$111.6 million at the IPL’s inaugural franchise auction. Diageo later gained control of the franchise after acquiring a majority stake in United Spirits in 2012 for £1.28 billion (US$1.75 billion).
The sale is expected to draw interest from private equity firms and strategic investors, reflecting the growing commercial value of IPL franchises.
Rajasthan Royals Sale Also Progressing
Meanwhile, the sale process for another IPL franchise, Rajasthan Royals, is also advancing. Last week, Bloomberg reported that four bidding groups had been shortlisted to move into the next round.
Interested parties reportedly include a consortium led by Times Internet chairman Satyan Gajwani and another group backed by US-based entrepreneur Kal Somani. Bloomberg also noted that a preliminary bid of US$1.3 billion has been submitted by a consortium led by the Somani Group, which is already an investor in the franchise.
Rajasthan Royals are majority owned by Emerging Media Ventures, controlled by venture capitalist Manoj Badale. Minority stakeholders include RedBird Capital Partners and Lachlan Murdoch, chief executive of Fox.
The Royals’ sale process is being managed by Raine Group, with a valuation floor set at approximately US$1.1 billion. Reports suggest that global investors such as Blackstone and The Carlyle Group have explored opportunities to acquire stakes in both Rajasthan Royals and RCB.
The most recent IPL ownership change occurred last year, when Torrent Group acquired a 67% stake in Gujarat Titans from CVC Capital Partners for around ₹5,000 crore (US$554 million). CVC had originally secured the Ahmedabad-based franchise in 2021 with a winning bid of ₹5,625 crore (US$623 million).
The 2026 IPL season is scheduled to begin on March 26. RCB will also feature a new front-of-shirt sponsor this season after signing a deal with consumer electronics brand Nothing, replacing Qatar Airways.
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