ROYAL CHALLENGERS Bengaluru’s owners have sought preliminary offers or non-binding bids by early February for the sale of the defending IPL champions.
Royal Challengers Sports Private Limited (RCSPL), RCB’s holding company, a subsidiary of global liquor giant Diageo Plc’s Indian arm United Spirits (USL), has initiated the sale process, multiple media outlets reported Wednesday.
The move follows a strategic review of RCSPL (non-core to USL’s alcobev business) initiated in November 2025 and expected to conclude by March 31, Moneycontrol reports.
As per a report from The Times of India, two well-known Bengaluru-based billionaires, Nikhil Kamath, co-founder of Zerodha, and Ranjan Pai, chairman of the Manipal Education and Medical Group (MEMG), have emerged as strong potential buyers. Discussions indicate that the two may even consider forming a consortium to jointly pursue ownership.
Last week, billionaire Adar Poonawalla, CEO of Serum Institute of India and chairman of Poonawalla Fincorp, publicly confirmed his interest in the team and posted on X: “Over the next few months, will be putting in a STRONG and COMPETITIVE bid for @RCBTweets, one of the best teams in the IPL.”
Meanwhile, Moneycontrol quotes an industry executive in the know of the developments as stating, “Preliminary bids or non-binding offers have been sought by early February for RCB. Though the sell-side ask for a 100% stake in RCSPL is around $2 billion, a few prospective suitors are keen to value the target between $1.5 billion to $1.7 billion. Further clarity will emerge on valuations post due diligence, during the binding bid stage.” Investment bank Citi is steering the mega transaction, said executive added.
On January 23, ‘The State of Play’ first reported that Temasek was exploring a partnership with Pai, while private equity major TPG is backing Poonawalla.
M&A action in IPL
Over and above RCB, there are parallel stake sale processes underway at other IPL team as well.
On December 8, 2025, Moneycontrol had reported that a majority stake sale process was underway at Rajasthan Royals, targeting a valuation of $1 billion+.
The report also indicated that depending on the strategy of the incoming buyer and the lead investor Manoj Badale, a 100% stake in Rajasthan Royals may be available if feasible to all stakeholders.
British-Indian entrepreneur Badale’s Emerging Media Ventures holds around 65% stake in Rajasthan Royals as per reports, with minority investors including American investment management firm RedBird Capital Partners (15%) and Fox Corporation’s Lachlan Murdoch, among others.
A part stake sale is also in play at Kolkata Knight Riders. The KKR franchise is owned by Knight Riders Sports Private Ltd, which was set up in 2008 as a joint venture between Bollywood superstar Shah Rukh Khan’s Red Chillies Entertainment and actress Juhi Chawla and industrialist Jay Mehta-backed Mehta Group.
Red Chillies Entertainment reportedly owns a majority 55% stake in the JV, while Mehta Group owns the balance 45%.
Unlike RCB and RR, which are exploring a proposed majority stake sale, when it comes to KKR, only the Mehta group plans to offload a minority stake to “unlock value”.
