A consortium comprising Aditya Birla Group, Times of India Group, Bolt Ventures, and Blackstone BX.N said on Tuesday it would acquire Indian Premier League franchise Royal Challengers Bengaluru for $1.78 billion, ending a weeks-long bidding war.
The seller, United Spirits, the Indian arm of UK-based drinks giant Diageo, launched a strategic review of its 100% holding of the Bengaluru franchise in November, labelling the team “non-core” to its primary alcohol business.
Royal Challengers Bengaluru’s continent-spanning bidding war had drawn interest from global private equity firms KKR and Blackstone, Indian tycoons Adar Poonawalla, CEO of vaccine maker Serum Institute of India and Manipal Education and Medical Group chairman Ranjan Pai, as well as Manchester United co-chairman Avram Glazer.
The Indian Premier League, the world’s richest cricket league, counts Bollywood stars and Indian tycoons among its backers but is now attracting major private equity firms with the prospect of rapidly rising revenue and profits and massive viewership globally.
Rajasthan Royals, majority owned by London-based venture capitalist Manoj Badale, is also in a separate sale process.
Key factors driving investor interest in the league are a doubling in the value of broadcast rights to more than $6 billion in the most recent auction in 2022, rising franchise revenues and the Indian cricket board BCCI’s pooled revenue-sharing model that bolsters team revenues.
Royal Challengers Bengaluru’s acquisition encompasses both the men’s IPL franchise and the Women’s Premier League franchise and is subject to customary closing conditions, including approval from the Board of Control for Cricket in India and the Competition Commission of India.
The team, one of the IPL’s eight original franchises, won its first men’s title in 2025 after 17 years in the league, with star batsman Virat Kohli, one of cricket’s biggest draws, at the heart of the team.
The franchise reported revenue of $56 million for 2024-25, a 73% increase over three years.
The consortium brings together Indian multinational conglomerate Aditya Birla Group, Times of India Group, which operates cricket platform Cricbuzz, billionaire David Blitzer’s family office Bolt Ventures, and asset manager Blackstone Group.
Reuters first reported in February that Blitzer was eyeing a majority stake in an Indian Premier League cricket team.
Aditya Birla Group Director Aryaman Vikram Birla will serve as chairman of the franchise, while Satyan Gajwani of Times of India Group will serve as vice chairman.
Reuters
