A consortium of four prominent investors has signed a definitive agreement to buy Indian Premier League franchise Royal Challengers Bengaluru from United Spirits Limited, a subsidiary of Diageo, in a transaction valued at $1.78 billion.
The buying group brings together Aditya Birla Group, The Times of India Group, Bolt Ventures – the private investment platform of sports investor David Blitzer – and Blackstone, through its private equity arm BXPE. The deal covers the full stake in RCB, taking in both the men’s and women’s franchises. Closing remains contingent on sign-off from the Board of Control for Cricket in India (BCCI), the IPL Governing Council and other relevant regulators.
Under the new ownership structure, Aryaman Vikram Birla, director of Aditya Birla Group, will serve as chair of the franchise, with Satyan Gajwani of The Times of India Group as vice chair.
The sale arrives at a consequential moment for IPL franchise economics. A new report from Media Partners Asia projects that the league’s next media rights cycle – covering 2028–32 – will plateau at $5.4 billion, flat against the current period on a total basis but representing a 13% per-match decline. MPA notes that franchise stake sales are accelerating as owners move to crystallize value ahead of what the firm expects to be a more challenging rights environment.
RCB, one of the IPL’s original eight franchises, won its first IPL title in 2025 and also holds the current WPL title, making it the first franchise to simultaneously hold both trophies. The women’s side won the WPL in 2024 and reclaimed it in 2026.
Kumar Mangalam Birla, chair of Aditya Birla Group, called RCB “one of the most compelling franchises in modern sport,” adding that it offers the conglomerate “a distinctive platform to extend its legacy of institution-building into the arena of global sport.”
Gajwani described RCB as “the most popular brand in the IPL” and said the new owners intend to build the franchise “into a global sporting institution, while remaining rooted in Bengaluru and Karnataka and its incredible fanbase.”
Blitzer’s Bolt Ventures portfolio spans clubs across several of the world’s major leagues, including Crystal Palace in English soccer’s Premier League, the Philadelphia 76ers and New Jersey Devils in the NBA and NHL respectively, the Washington Commanders in the NFL, the Cleveland Guardians in MLB and Real Salt Lake in MLS. He said the IPL “is one of the great growth stories in global sport” and that the opportunity at RCB “stands out.”
Viral Patel, CEO of BXPE, cited Blackstone’s “long-standing commitment to India” in welcoming the investment, pointing to RCB’s brand strength and “multiple avenues for growth.”
On the sell side, Praveen Someshwar, managing director and CEO of USL, said the transaction allows the company to “sharpen focus on our core beverage alcohol business.” He described RCB as having grown into “the most prominent and commercially successful franchise in the IPL and WPL.”
The Times of India Group brings cricket-specific media assets to the consortium, including Cricbuzz, Willow TV, and stakes in Major League Cricket in the U.S. and the London Spirit in The Hundred competition in the U.K.
The buyers were advised by A&W Capital, Moelis and Khaitan & Co, while Citi India and AZB Partners guided USL through the sale process.
variety.com
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