Royal Challengers Bengaluru Sold for $1.78 Billion to Aditya Birla–Times of India Consortium

Royal Challengers Bengaluru (RCB) has been sold to the consortium of several Indian and overseas business entities. As per the deal, the franchise has been sold to the consortium at a stunning price tag of USD 1.78 billion.

According to a media release by USL, its board has approved the sale of the franchise to a group that includes Aditya Birla Group, the Times of India Group, Bolt Ventures, and Blackstone’s BXPE fund. As per the USL statement, both RCB teams will now be owned and run by this group after the deal.

The RCB transfer deal is certainly huge, as it is higher than the combined value of the Lucknow and Ahmedabad IPL teams. Interestingly, this group had not even been formed in February, when at least eight investors were shortlisted for RCB.

Last November, Diageo, which owns USL in India, had said in a filing to SEBI that it was reviewing its investment in RCB. The company mentioned that cricket was not part of its main business and that it wanted to complete the sale by March 31 this year.

The next step is for the deal to get approval from the BCCI and the Competition Commission of India. Once that happens, the group will officially take control of the franchise in the Indian Premier League (IPL).

In a media statement, the group said that Aryaman Birla, who has played as a batter for Madhya Pradesh, will be its chairman, while Satyan Gajwani from the Times of India Group will serve as the vice-chairman. Besides that, the group also said that it is "proud to become custodians" of the RCB in the IPL.

"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 consortium statement.