RCB’s ownership could be headed for a shake-up, with a clutch of global investors lining up billion-dollar bids for the Bengaluru-based franchise – and Rajasthan Royals riding the same high-stakes sale wave in parallel.
The numbers being discussed are not small talk. The expected bids for each team are projected close to, or even above, the combined price the BCCI fetched in 2021 when it sold the Lucknow and Ahmedabad franchises for a total of INR 12,715 crore. That single comparison tells you how far the league’s valuation curve has bent in less than five years.
The shortlist, the money range and what happens next
At least eight investors have been shortlisted for Royal Challengers Bengaluru (RCB) and five for Rajasthan Royals (RR), reported by ESPNcricinfo. RCB’s shortlist includes Lancer Capital, owned by Manchester United co-owner Avram Glazer, the Manipal Group owned by Ranjan Pai, Serum Institute of India chief Adar Poonawalla, Times of India Group, EQT Private Capital, Capri Global, US-based businessman Sanjay Govil (who owns Washington Freedom in Major League Cricket and Welsh Fire in The Hundred), and Premji Invest. RR’s shortlist features Lancer Capital, Capri Global, Arizona-based tech entrepreneur Kal Somani, Govil and Times of India Group, with Somani having previously been announced as an RR investor in 2021.
According to people with knowledge of the process, RCB’s estimated bid range is likely to be between $1.2 billion and $1.8 billion, while RR is expected to fall between $1.2 billion and $1.4 billion. These ranges are derived from non-binding bids in the opening round – held in January for RR and February 2 for RCB – and both franchises have provided bidders with the option of a 100% sale.
Several of the names involved have chased an IPL entry before. In 2021, Capri Global bid INR 4024 crore for each of the Ahmedabad and Lucknow franchises, while Lancer Capitals bid INR 4128.66 crore for Ahmedabad and INR 4023.99 crore for Lucknow. Lancer now owns Desert Vipers in the UAE’s ILT20, while Capri owns Sharjah Warriors in ILT20 and UP Warriorz in the WPL.
RCB are owned by Diageo, which has said cricket is a non-core area and is conducting a strategic review of its investment via Royal Challengers Sports Private Limited (RCSPL), aiming to close a sale by March 31. RR are majority owned by Manoj Badale’s Emerging Media. Final bids for RR are scheduled for the first week of March, while bidders have been told RCB’s final round will be in February. The second round includes verification of technical eligibility before a winning bid is finalised, followed by exclusive talks and contract signing.
Any sale will still need the BCCI ratification, and under IPL franchise rules, the board will receive 5% of the sale amount. Raine Group is managing the RR process, with Citigroup handling RCB.
