DIAGEO has reportedly set a mid-March deadline for binding bids in the sale of Royal Challengers Sports Private Limited (RCSPL), as the divestment process enters its final phase, according to Moneycontrol.
RCSPL, a subsidiary of United Spirits, owns the Royal Challengers Bengaluru (RCB) franchise, which competes in the men’s Indian Premier League (IPL) and the Women’s Premier League (WPL), both organised annually by the Board of Control for Cricket in India.
The submission of binding offers follows a strategic review of RCSPL, initiated in November, with the asset considered non-core to United Spirits’ core alcoholic beverages business. The review is expected to conclude by 31 March.
Parallel stake sale discussions are also under way across the IPL ecosystem. A majority stake in Rajasthan Royals, champions of the inaugural IPL season, is currently on the block, reportedly targeting a valuation exceeding $1 billion. The process is being advised by The Raine Group, with potential overlap in investor interest between the Royals and RCB.
Rajasthan Royals are majority-owned (around 65 per cent) by Emerging Media Ventures, led by British-Indian entrepreneur Manoj Badale. Minority shareholders include RedBird Capital Partners (approximately 15 per cent) and Lachlan Murdoch of Fox Corporation, among others.
According to the “IPL Valuation Study 2025” by Houlihan Lokey, the IPL’s overall enterprise value has climbed to $18.5 billion, up from $15.4 billion in 2023, while its brand value has increased to $3.9 billion from $3.2 billion. RCB currently tops the brand value rankings at $269 million, ahead of Mumbai Indians ($242 million), Chennai Super Kings ($235 million) and Kolkata Knight Riders ($227 million).
