AZB & Partners advises United Spirits Limited on the ₹16,660-crore sale of its entire stake in Royal Challengers Sports Private Limited, the owner of IPL and WPL franchise Royal Challengers Bengaluru, according to regulatory disclosures made on Monday.
This announcement concludes the strategic review of RCSPL that was initiated by USL, as announced on November 05, 2025.
The board of United Spirits approved the all-cash divestment to a consortium led by Aditya Birla Group, Blackstone, Bolt Ventures and Times Internet Limited, marking a clean exit from the cricket franchise business as the Diageo-controlled company sharpens its focus on core alcoholic beverages.
Upon completion of this transaction, the consortium will, through its ownership of RCSPL, acquire the rights to own and operate the IPL and WPL franchise.
“The transaction is subject to satisfactory completion of customary closing conditions and legal, regulatory and other approvals, including from the Board of Control for Cricket in India (“BCCI”) and the Competition Commission of India,” said United Spirits Limited in their exchange filing.
The transaction, executed through a share purchase agreement signed on March 24, is subject to customary regulatory approvals, including those from the Competition Commission of India and the Board of Control for Cricket in India. Upon completion, United Spirits will cease to hold any shareholding in Royal Challengers Sports, which will no longer remain its subsidiary.
“We are proud to become custodians of RCB and grateful to USL and Diageo for the franchise they have built. RCB‘s championship-winning culture, its deep connection to Bengaluru, and one of the most passionate fanbases in world sport make this an extraordinary opportunity. We are committed to taking RCB to new heights, on the pitch and beyond,” said the Acquiring consortium in a press statement.
Royal Challengers Sports contributed less than 2% to United Spirits’ standalone revenue in FY25, underlining the company’s strategic rationale to monetise a non-core asset at a premium valuation amid buoyant interest in sports franchises.
Citigroup India and AZB Partners served as advisors and counsel to USL.
