Blackstone, Temasek vie for IPL’s crown jewel RCB

Diageo, which owns RCB’s parent company United Spirits Ltd (USL), had started the sale process of the IPL team in November. Private equity (PE) heavyweights are considering non-binding offers for the stake, said the people cited above on condition of anonymity. Sources said global buyout firms such as Advent International, PAG and Carlyle Group are also evaluating offers for RCB.

A transaction could value RCB at between $1.4 billion and $1.8 billion, the sources said on condition of anonymity. According to media reports, bidding interest for IPL franchises so far has largely focused on domestic strategic investors and family offices, including JSW Group, Serum Institute of India chairman Adar Poonawalla and Manipal Hospitals.

There is intense interest in RCB, which won its first IPL championship last year. On Thursday, Serum’s Poonawalla posted on X: “Over the next few months, we will be making a STRONG and COMPETITIVE bid for @RCBTweets, one of the best teams in the IPL.”

The investment by Blackstone or Temasek would be the largest investment by a foreign PE firm in Indian sports. The largest such investment so far is by European PE firm CVC Capital Partners, which acquired the rights of Gujarat Titans for $745 million in 2021, becoming the first PE firm to directly own an IPL team. CVC sold 67% of the franchise to Torrent Group in February 2025 at a valuation of approximately $866 million.

In a parallel process, several investors submitted initial offers for Raine Group’s stake in Rajasthan Royals, he said on condition of anonymity. Mint The identities of these investors could not be verified.

Spokespeople for RCB, Diageo, Advent, Temasek and Blackstone declined to comment. Rajasthan Royals, PAG and Carlyle did not respond to queries.

The push for global institutional capital comes as the IPL’s media rights structure delivers the kind of predictable cash flow that many investors covet. In the current cycle through 2027, central income distributions are fixed through contracts, allowing funds to model returns with high precision.

United Spirits had founded RCB in 2008, when the IPL was taking shape, under the management of original owner Vijay Mallya. Diageo took ownership of RCB after taking control of United Spirits in 2016 following Mallya’s departure.

A July 2025 valuation study by Houlihan Lokey showed the IPL’s overall business valuation rising nearly 13% annually to $18.5 billion in 2025, cementing its place among the world’s most valuable sports leagues. IPL’s standalone brand value rose 13.8% to $3.9 billion, driven by record viewership, rising advertising revenues and strong investor interest.

According to Houlihan Lokey, RCB became the most valuable IPL brand after dethroning Chennai Super Kings (CSK) in July last year after winning their first IPL title in 18 years. According to the US investment bank, RCB’s brand value increased from $227 million in 2024 to $269 million in 225.

RCB announced revenue from its operations ₹634.7 crore and net profit ₹221.8 crore in FY24, ₹11.6 crore a year ago.