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RCB Stake Sale: Pai-Led Group, EQT–Premji Invest Submit Binding Bids; Poonawalla Exits
RCB Stake Sale: Pai-Led Group, EQT–Premji Invest Submit Binding Bids; Poonawalla Exits
At least two consortiums have submitted binding bids for Royal Challengers Sports Private Limited (RCSPL), the owner of the Royal Challengers Bengaluru franchise and a subsidiary of Diageo’s Indian arm United Spirits, according to multiple industry sources familiar with the matter told Moneycontrol.
One consortium is led by Manipal Hospitals’ Dr Ranjan Pai, along with US private equity firm KKR and Singapore investment major Temasek. The other comprises Swedish private equity firm EQT and Premji Invest, the investment office backed by Wipro founder Azim Premji.
Serum Institute’s Adar Poonawalla, who had earlier submitted a non-binding bid and was linked to a potential joint offer with private equity firm TPG, has exited the race and did not submit a binding bid, Moneycontrol reported, quoting sources.
On October 1, 2025, Poonawalla had posted on social media platform X: “At the right valuation, @RCBTweets is a great team."
The deadline for submission of binding bids ended at 5 pm on March 16, the sources said.
When contacted, EQT, Premji Invest, KKR, Temasek, and a spokesperson for Adar Poonawalla declined to comment. Diageo said, “We do not comment on market rumours or speculation."
It was not immediately clear whether Manchester United co-owner Avram Glazer’s Lancer Capital has submitted a binding bid.
RCSPL’s business includes ownership of the Royal Challengers Bengaluru (RCB) franchise, which participates in the men’s Indian Premier League (IPL) and the Women’s Premier League (WPL), both organised annually by the BCCI.
The bid submissions follow a strategic review of RCSPL—considered non-core to United Spirits’ alco-beverage business—initiated in November and expected to conclude by March 31, 2026.
It was reported on February 25 that Diageo had set a mid-March deadline for the submission of binding bids for the franchise.
Earlier, on February 5, it was reported that EQT and Premji Invest had shown interest in the deal by submitting non-binding bids, alongside Dr Ranjan Pai and Adar Poonawalla.
On January 28, it was also reported that Dr Ranjan Pai had entered advanced discussions to form a consortium with KKR, with Temasek exploring participation as a third investor if required. Investment bank Citi was managing the sell-side process.
At the time, it was indicated that while the ask for a 100% stake in RCSPL was around $2 billion, several prospective bidders were valuing the asset between $1.5 billion and $1.7 billion. Greater clarity on valuations is expected to emerge post due diligence during the binding bid stage.
Private equity firms have previously invested in and exited IPL franchises. In February 2025, the Torrent Group acquired a 67% stake in Gujarat Titans from CVC Capital Partners, valuing the team at around Rs 7,500 crore ($833 million), according to reports.
As per the “IPL Valuation Study 2025" by Houlihan Lokey, the IPL’s overall business value rose to $18.5 billion from $15.4 billion in 2023, while its brand value increased to $3.9 billion from $3.2 billion.
The study ranked RCB as the most valuable franchise with a brand value of $269 million, followed by Mumbai Indians ($242 million), Chennai Super Kings ($235 million), and Kolkata Knight Riders ($227 million).
Beyond RCB, stake sale processes are underway across other IPL franchises as well.
On December 8, 2025, it was reported that a majority stake sale process had been initiated for Rajasthan Royals, targeting a valuation of over $1 billion, with The Raine Group acting as sell-side advisor. The same set of investors may evaluate opportunities in both Rajasthan Royals and RCB. Binding bids for Rajasthan Royals are also due between March 16 and March 17.
British-Indian entrepreneur Manoj Badale’s Emerging Media Ventures holds around a 65% stake in Rajasthan Royals, with minority investors including RedBird Capital Partners (around 15%) and Fox Corporation’s Lachlan Murdoch, among others.
On March 6, it was reported that the Aditya Birla Group had partnered with a consortium led by US-based sports investor David Blitzer to submit a joint binding bid for a controlling stake in Rajasthan Royals.
Separately, on December 18, 2025, it was reported that a partial stake sale was being explored in Kolkata Knight Riders, with the Mehta Group looking to unlock value.
The KKR franchise is owned by Knight Riders Sports Private Ltd, a joint venture established in 2008 between Shah Rukh Khan’s Red Chillies Entertainment and Juhi Chawla and Jay Mehta-backed Mehta Group.
Source: News18
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