RCB Ownership Race: A new major contender has joined the race to acquire the ownership of IPL franchise Royal Challengers Bengaluru (RCB). According to a report by NDTV, Swedish private equity powerhouse EQT Group is preparing a binding offer that could value the franchise at approximately $2-2.1 billion, according to sources familiar with the negotiations. If EQT proceeds with a bid in that range, it would comfortably surpass the $1.8 billion non-binding offer previously submitted by Avram Glazer through Lancer Capital. The entry of another global investor has intensified what is already shaping up to be one of the most closely watched franchise sales in cricket.
The deadline for submitting binding bids in the process has been set for March 16, after which the final stage of negotiations is expected to unfold.
Multiple Bidders Still In Contention
After the first round of non-binding offers was submitted earlier this year, the list of potential buyers was narrowed to roughly nine to ten bidders who advanced to the next phase of the process.
Among those understood to remain in contention are Adar Poonawalla, CEO of Serum Institute of India; Ranjan Pai, chairman of Manipal Group; EQT Group; and Lancer Capital backed by Avram Glazer.
Sources suggest that the transaction could be finalized by March 31, just days before the start of the upcoming IPL season. With growing global investor interest and the league’s expanding commercial footprint, RCB is widely viewed as one of the most valuable properties in franchise cricket.
Why Is RCB Up For Sale?
RCB is currently controlled by United Spirits Limited, the Indian subsidiary of global beverage conglomerate Diageo. In November 2025, the company decided to place its stake in Royal Challengers Sports Private Limited (RCSPL) on the market as part of what it described as a strategic review of investments outside its core business operations.
RCSPL holds ownership of the men’s Royal Challengers Bengaluru team in the Indian Premier League and also operates the franchise’s side in the Women’s Premier League (cricket).
The move immediately attracted interest from prominent business figures and global investment firms, given the rising commercial value of IPL franchises.
