The 2026 Indian Premier League season is right around the corner, as the ten IPL franchises gear up to fight it out over the course of the summer months. There is an entirely different kind of battle going on off the field when it comes to the IPL, as the Royal Challengers Bengaluru reach their assigned deadline for bids set by the current ownership.
Currently owned by Diageo via United Spirits, the RCB ownership made their decision to hand over the operations of the team in 2025, with a deadline of March 31 for the acceptance of bids. Less than two weeks away from that day, reports indicate that the race has narrowed down to two parties.
As per a report made by the Indian Express, the two sets that are set to meet the $2 billion valuation set are led by Swedish private equity firm EQT, who have launched a ‘significant bid’ for the 2025 IPL and two-time WPL champions. They are in a race against a consortium led by Ranjan Pai, US equity firm Kohlberg Kravis Roberts and Co., and global investments company Temasek, based out of Singapore.
These two parties are the ones considering the 2 billion dollar valuation set by Diageo, which has reportedly been turned away by the American Glazer family, owners of Manchester United who were reportedly frontrunners earlier this month, as well as Serum Institute CEO Adar Poonawalla. These parties reportedly maxed out at 1.8 billion dollars in their pursuit.
Rajasthan Royals also progress with sale
Further reports indicate that leading candidates EQT could be looking to tie-in with an Indian firm to join forces in the venture. RCB remain one of the most valuable sports properties on the subcontinent, potentially the most popular team in the cash-rich IPL.
March 31 will bring around the exclusivity phase if both bidders match RCB’s valuation, in which case it will be down to the current owners to consider both approaches independently. This process is likely to extend into the second half of the year.
Elsewhere, Rajasthan Royals have also kickstarted their process of a sale, with Emerging Media led by Manoj Badale looking to sell their stake in the team. RR are reportedly looking for a full sale, which would like in the range of 1.1 billion US dollars. Potential candidates at the moment include the Aditya Birla Group, in partnership with American investor David Blitzer, and the Times Group, who also own a stake in Hundred franchise London Spirit.
