United Spirits, a Diageo subsidiary and RCB’s parent company, has shortlisted nine to ten serious bidders as due diligence begins on what could become the largest franchise sale in IPL history, with valuations expected to range from $1.5 billion to $2 billion.
Among the high-profile names in the running are Adar Poonawalla, CEO of the Serum Institute of India, and Lancer Capital, backed by Manchester United co-owner Avram Glazer. Swedish private equity firm EQT and Manipal Group Chairman Dr. Ranjan Pai are also reportedly in contention, reflecting the global appetite for a stake in one of cricket’s most recognisable brands.
This week marks a critical milestone as selected bidders gain access to a virtual data room to scrutinise RCB’s financials and operations. Management meetings are expected to follow, with binding offers to be submitted in the coming months.
Diageo initiated the sale in November, classifying the sports franchise as non-core to its primary alcohol beverage business. The company is targeting deal closure by March 31, 2026, well ahead of IPL 2026’s commencement, making the timeline both commercially strategic and logistically tight.
The sheer depth of interest signals how dramatically IPL franchise valuations have surged. RCB, despite never winning an IPL title, commands one of the league’s largest and most passionate fanbases, giving it enormous commercial appeal beyond on-field performance.
The final valuation is expected to set a new global benchmark for cricket franchise sales. As the process unfolds, all eyes remain on who will ultimately take the reins of one of Indian sport’s most iconic and commercially powerful properties.
